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JP Morgan Chase CEO Jamie Dimon has softened his stance on bitcoin and regretted calling the digital currency a fraud.
In an interview with Fox Business on Tuesday, Dimon said he regretted making his earlier comments on the cryptocurrency.
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The head of the biggest US bank called bitcoin “a fraud” in September 2017 and said the digital currency “won’t end well”, Xinhua news agency reported.
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He also then said that he would not allow JP Morgan traders to trade bitcoin, noting that “it’s against our rules and they are stupid”.
Bitcoin was trading around $4,200 when Dimon made the comments. Since then, the price of the digital currency has skyrocketed. Bitcoin traded above $14,000 on Tuesday.
Dimon said he personally was “not interested in the subject at all”. But he said blockchain, the open-ledger technology that underpins bitcoins, was real.
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