Authored by Tyler Durden via Zerohedge
Less than four months after Jamie Dimon lashed out at bitcoin, warning that it was would “eventually blow up” because it was “worse than tulip bulbs” and that “any trader trading bitcoin” will be “fired for being stupid”, the JPMorgan CEO said he “regrets” his infamous criticism of bitcoin, in which he called the cryptocurrency a “fraud.”
In an interview with FOX Business’ Maria Bartiromo, Dimon repented, softening the comments he made in a September banking conference, saying “I regret making them.”
While Dimon said that he personally is still “not interested in the subject at all” he conceded that blockchain “is real.”
Dimon also softened his tone on initial coin offerings, saying that ICOs need to be reviewed “individually”.
“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually”, Dimon told Bartiromo.
“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”
Until today’s recantation, Dimon was one of the highest-profile bitcoin skeptics on Wall Street. His remarks in September were met with anger from many in the cryptocurrencies community, but also echoed by other top executives, including Larry Fink, chairman and chief executive of BlackRock.
Since then, the acceptance of bitcoin has moved to the institutional arena with both the cboe and CME launching bitcoin futures, while Goldman is preparing a cryptocurrency trading desk. It was only a matter of time before Dimon realized all the potential lost revenue, and rushed back in to avoid losing even more market share.
The risk of loss in the trading of stocks, options, futures, foreign exchanges, foreign equities, and bonds can be substantial and is not suitable for all investors. Trading on margin or the use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Supporting documentation is available upon request. Trading futures, options on futures, and foreign exchanges involves substantial risk of loss and is not suitable for all investors. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.