We all know JP Morgan CEO – Jamie Dimon for his famous criticism on Bitcoin last year, following which, the price of the cryptocurrency surged to an all-time high above $20000 at the end of 2017. During one of his conference events in September 2017, Jamie Dimon has thrown some harsh words on Bitcoin as well as its investors.
Dimon at that time said that Bitcoin is nothing but a “fraud” which is “worse than tulip bulbs”, and people investing in it are “stupid”. He also went out further saying that “If you’re stupid enough to buy it, you’ll pay the price for it one day.”
However, having seen Bitcoins tremendous growth post his criticizing comments, Dimon has changed his stand. During a recent interview with Fox Business this Tuesday, Dimon said that he regrets making such a statement of calling Bitcoin a “fraud”. However, he emphasized that he still doesn’t support cryptocurrencies and is absolutely ‘not that interested in the subject at all.’
While comparing his understanding of cryptocurrencies with how governments relate to them, Dimon stated, ‘To me, Bitcoin has always been about how governments will respond as it grows bigger, and I simply have a different opinion than others. I’m not that interested in the subject at all.’
Dimon Softens Stance, But Remains Unconvinced
In 2015, while commenting on cryptocurrencies, Dimon predicted that governments would eventually take control of them. Further talking about the possibility of a decentralized “shadow economy” of cryptocurrencies, Dimon said: “It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”
However, Dimon during the recent interview with Fox Business seemed quite positive and optimistic about the potential of Bitcoin’s underlying ‘blockchain technology’. He said: “The blockchain is real. You can have cryptodollars in yen and stuff like that. ICOs … you got to look at every one individually.”
Blockchain technology functions as a fully decentralized, distributed ledger that records and stores transactions between two parties without relying on a third-party intermediary. It maintains completely verifiable and permanent records across its network.
Since the buyer and receiver directly handle the transaction, they process it more quickly. Blockchain’s ability to transfer funds globally within minutes—or even seconds—has captured the attention of major financial institutions worldwide. An increasing number of banks are actively testing blockchain technology and expanding their use of it.
