Jamie Dimon Regrets Dismissing Bitcoin as a "Fraud"

Jamie Dimon Regrets Dismissing Bitcoin as a

He also added that the future of Bitcoin would depend on "what the governments are gonna feel about Bitcoin as it gets really big". It started 2017 trading at less than $1,000 and topped $19,000 in December.

Dimon said he sees the potential in blockchain - the technology behind bitcoin.

"... I just have a different opinion than other people".

Bitcoin was last seen trading at $14,075, down 2.43% on the day, according to Kitco's aggregated charts.

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

Recently, the bitcoin had surged to trade above $16,000 after the reports surfaced that PayPal co-founder Peter Thiel's Founders Fund had made massive bets on bitcoins in the early last year.

Yet, one bitcoin bull remains optimistic about the cryptocurrency in 2018, saying that its price level could "easily double" this year.

Some fans of the cryptocurrency saw Dimon's comments as vindication, and poked fun at him for changing his tune as the price of bitcoin went up.

After too much of volatility in the past few days, bitcoin (BTC) prices struggle to surge past $14,300 on Wednesday as the cryptocurrency falls over 6%.

JPMorgan Chase CEO Jamie Dimon, who has been one of Bitcoin's harshest critics, appears to be having second thoughts about the initial stance he took on the cryptocurrency. Strong growth is only expected to continue, as some economists are anticipating stronger fourth-quarter growth figures following the passage of the GOP tax reform bill.

However, Bitcoin has become increasingly hard to ignore. "If [bitcoin] gets 5% of the gold market, that's roughly $50,000 [per token]".

Of late, digital currency bitcoin has gained legitimacy with senior investment analysts coming out in favour of the digital currencies. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.