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JPMorgan's Dimon regrets calling bitcoin a 'fraud': Fox


(Reuters) - regrets having called a "fraud" but would still not be interested in the cryptocurrency, he said in an interview on Fox Business on Tuesday.

Dimon, known for his candid comments, slammed the viability of in September. "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart," he had said at a conference.

The buzz generated by Dimon's comments spurred more interest in the alt-currency. rose around 30 percent in one month following Dimon's speech, where he also compared the currency to tulips bulbs in a reference to the famous market bubble from the 1600s.

Dimon's comments were followed by a more tempered view from Marianne Lake, who said the was "very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated." (

Despite Dimon's criticism, several banks, and companies eagerly embraced bitcoin, sparking a spectacular rise in the ctyptocurrency.

On Tuesday, was down nearly 5 percent at $14,202 in early trading. It traded at $909 a year ago and breached $19,000 in December.

such as and opened their platforms to allow futures trading, while rolled out a buying/selling feature on its app to a select few. ( (

and Lake, however, have commended blockchain - the technology used by and other digital currencies - a view echoed by and many others across the industry.

"Blockchain is real. You can have crypto yen and dollars and stuff like that," told Fox. (

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 19:55 IST