In the first half of 2019, bitcoin staged a comeback, trading almost as high as $14,000 in June and sparking all kinds of bullish predictions that the cryptocurrency would break above all-time highs. We want to hear from you. Jamie Dimon says he “regrets” his now infamous criticism of bitcoin, in which he called the cryptocurrency a “fraud”.. I'm not interested in Bitcoin, but my clients are, so I'm offering it to them: these are the words used by Jamie Dimon, CEO of the JPMorgan bank. Jamie Dimon talked about bitcoin during The Wall Street Journal CEO Council summit on Tuesday. Dimon said at an investment conference that the … Jamie Dimon: Governments look at bitcoin as a novelty. Less than five months later, he threw in the towel, saying, "I regret making" those bitcoin remarks. In September 2017, about three months before bitcoin hit … Though JPMorgan Chase will reportedly offer a bitcoin fund for wealthy clients, chairman and CEO Jamie Dimon still isn't personally sold on the cryptocurrency. "I can say with almost certainty that they will come to a bad ending." Bitcoin is trading at around $53,835.92 as of 12:56 p.m. EST, according to CoinDesk, with a market value of over $1 trillion. As the cryptocurrency went mainstream, the price of a bitcoin surged from around $2,000 in July 2017 to nearly $20,000 five months later near the end of that year. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "It's just not a real thing, eventually it will be closed. Dec. 24 2020, Published 8:19 a.m. "I'm not interested that much in the subject at all," Dimon told Fox Business. Jamie Dimon vs. Bitcoin (BTC): October 2018 Two days ago at an AXIOS conference, the CEO was asked about changing his mind on Bitcoin, and he said, "I never changed what I said, I just regret having said it," CNBC reported. © 2021 CNBC LLC. He previously compared bitcoin to tulip rush… The bubble came to an end in 1637, which resulted in the bulbs trading at a fraction of their previous price, leaving many people in financial ruin. Here are the 8 best quotes. Though JPMorgan Chase will reportedly offer a bitcoin fund for wealthy clients, chairman and CEO Jamie Dimon still isn't personally sold on the cryptocurrency. J.P. Morgan and other major financial institutions are pursuing blockchain-related projects. The Complaint and Accusation of Market Manipulation ", Appearing at the CNBC-Institutional Investor Delivering Alpha conference, Dimon said at the time: "It's worse than tulip bulbs. Jamie Dimon, chairman and CEO of Wall Street banking powerhouse J.P. Morgan Chase, can be counted in the latter camp. The Berkshire Hathaway chairman and CEO would go on describe bitcoin as "probably rat poison squared.". All Rights Reserved. The two men, whose knowledge of finance has contributed greatly to their wealth, have asserted that Bitcoin is not poised to remain in use for the long term. He is the chairman and chief executive officer (CEO) of JPMorgan Chase, the largest of the big four American banks, since 2005 and was previously on the board of directors of the Federal Reserve Bank of New York. He also contended, "It's just not a real thing, eventually it will be closed.". In September 2017, Dimon called bitcoin "a fraud" at the Delivering Alpha conference presented by CNBC and Institutional Investor. In the lead-up to New Year's Day 2020, CNBC's online journalists will be exploring the moments that defined the past 10 years for your money and set the table for the next decade and beyond. Sign up for free newsletters and get more CNBC delivered to your inbox. Cryptocurrency Regulation Is An Emerging Issue In a newly released letter to the shareholders, Dimon had a bone to pick with several issues. Critics believe that bitcoin will do neither and call it a dangerous, modern day bubble like Holland's tulip bulb mania in the 1630s. Someone is going to get killed. One of his chief concerns was the need for clear-cut regulatory status on cryptocurrencies. Blockchain is the secure online ledger technology underlying bitcoin. It's not the first time Dimon has been bearish on bitcoin, the largest cryptocurrency by market value. Jamie Dimon, the CEO of JPMorgan, has listed the legal and regulatory status of cryptocurrencies among a list of “serious emerging issues that need to be dealt with.” Speaking at a summit hosted by the Wall Street Journal, Daimon said he hasn't softened his stance on the first cryptocurrency. Will Daniel It's worse than tulip bulbs. I don’t really care about bitcoin … I have no interest in it. Proponents bid up the world's biggest cryptocurrency to dizzying heights and endured periodic crashes on the belief that it will one day replace gold as a store of value and actual money for purchases. JPMorgan CEO Jamie Dimon once authored a Bitcoin obituary, the practice of mainstream financiers to dub the currency fraud and a non-starter back in the day. However, it wasn't until 2010 that bitcoin gained public attention with the launch of the first exchange that allowed investors to trade it. Just recently news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee … Bitcoin currently has a market value of a little more than $120 billion. JPMorgan CEO Jamie Dimon said he remains skeptical about Bitcoin despite the growing interest of the bank's clients in the crypto asset. Dimon continued by saying: "I didn't want to be the spokesman against Bitcoin … The CEO of … Check out: Meet the middle-aged millennial: Homeowner, debt-burdened and turning 40, Don't miss: JPMorgan Chase CEO Jamie Dimon: Fintech is an ‘enormous competitive’ threat to banks, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, © 2021 CNBC LLC. But that euphoria did not last. The bitcoin price has swung wildly since JPMorgan chief executive Jamie Dimon called bitcoin a "fraud" in September 2017—rising to around $20,000 per bitcoin before crashing to under $4,000 . Got a confidential news tip? “I don’t t JPMorgan Boss Jamie Dimon Says 'I Don't Care About Bitcoin' but Clients Are Interested – Featured Bitcoin News » Bitcoin-Accepted.com Here are the... How this 38-year-old teacher earning $47,000 a year in Hawaii spends his money, The Wall Street Journal CEO Council summit, roll out a digital currency called JPM Coin. "Blockchain is real. He called bitcoin a "fraud. Reaffirming his stance on the cryptocurrency, the JPMorgan boss elaborated: I am not a bitcoin supporter. Jamie Dimon (/ ˈ d aɪ m ə n /; born March 13, 1956) is an American billionaire businessman. More investors, seeking a safe haven investment similar to gold, bought into the idea of a decentralized currency. Dimon's comments about bitcoin touched off an explosive global debate among backers and haters. Does Jamie Dimon Still Think That Bitcoin Is a Fraud? There are 7 money personality types, says psychology expert. But a few months later in January 2018, Dimon he had "regret" about making the comment. Jamie Dimon talked about bitcoin during The Wall Street Journal CEO Council summit on Tuesday. "I'm not interested that much in the subject at all," Dimon added, though he did acknowledge that "blockchain is real." JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon hasn’t changed his views on Bitcoin (CRYPTO: BTC) but has conceded to offer Bitcoin-centric … It won't end well. JPMorgan Chase CEO Jamie Dimon did not mince words when asked about the popularity of virtual currency bitcoin. Data is a real-time snapshot *Data is delayed at least 15 minutes. Jamie Dimon, chief executive officer of JPMorgan Chase & Co. Sotheby's CEO on accepting crypto via Coinbase for physical artwork, How the model minority myth holds Asian Americans back at work. The J.P. Morgan CEO found himself being asked about bitcoin everywhere he went. Read more: Bitcoin and the blockchain explained The first bitcoins were mined in a block of 50 coins called the "genesis block" in January 2009. JP Morgan CEO Jamie Dimon is back in the Satoshi spotlight. Jamie Dimon’s public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system. I have no interest in it.". One month later — ironically, a day after Dimon backpedaled on bitcoin — billionaire investor Warren Buffett told CNBC that the craze over bitcoin and other cryptocurrencies would not last. A lot has changed since that early-day hostility towards Bitcoin, as the currency is now adopted by mainstream companies, including JPMorgan, which has reconsidered its original skepticism. Back then, it was priced at pennies per unit. ET. Bitcoin momentum really started to build in early 2017, when the price crossed $1,000. Throughout 2018, bitcoin plunged and closed the year at around $4,000. Personal opinions aside, JPMorgan announced in February 2019 that it would roll out a digital currency called JPM Coin, and in October 2020, the firm created a new unit for blockchain projects. Winklevoss and his twin brother Tyler, who famously settled with Facebook founder Mark Zuckerberg in 2008 over the claim he stole their idea for the social network, were among the world's first bitcoin billionaires. "Jamie Dimon, the CEO of JP Morgan called Bitcoin a fraud. This decade marked the mainstream emergence of bitcoin. He lists illegal activity as a reason that governments would make an action to shut cryptocurrencies down. All Rights Reserved. "I don't care about bitcoin. Jamie Dimon, Chairman & CEO of JPMorgan Chase, and Warren Buffett, an American investor, and business tycoon are two Billionaires whose convictions about Bitcoin are largely bearish. market value of a little more than $120 billion. It won't end well. In September 2017, about three months before bitcoin hit an all-time high of nearly $20,000 per unit and crashed shortly thereafter, Dimon dropped a bomb on the crypto world. Centuries ago, tulips had became such a prized commodity that in 1636 they were being traded on many Dutch stock exchanges and many people traded or sold possessions to get in on the action, according to Investopedia. “I don’t t JPMorgan Boss Jamie Dimon Says 'I Don't Care About Bitcoin' but Clients Are Interested – Featured Bitcoin News - TheBitcoinDesk The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be dealt with—and now, according to Bitcoin skeptic and JPMorgan boss Jamie Dimon.. Dimon, who famously called Bitcoin a “fraud” back in 2017, made the comments in a letter to shareholders today. "On the other hand, clients are interested, and I don't tell clients what to do," he said. Warren Buffett: Cryptocurrency will come to a bad ending. 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