Jamie Dimon says, he regrets calling Bitcoin a Fraud and believes in Blockchain Technology
January 10, 2018 6:29 am
- J.P. Morgan Chase CEO told that he disapproves calling bitcoin a fraud.
- Dimon is concerned regarding how governments will feel about bitcoin when it becomes huge.
“The blockchain is real, you can have cryptodollars in yen and stuff like that. ICOs, you got to look at everyone individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.”
He included that, he is not much interested in the topic at all. Along with his last year’s fraud comment, he had also warned investors who invest in bitcoin and other cryptocurrencies.
Along with his earlier bitcoin is a “fraud” statement the executive also blasted digital currency investors last year.
In October at Institute of International Finance conference he told, “If you’re stupid enough to buy it, you’ll pay the price for it one day.”
It is remarkable how the CEO repeated his positive stance on the blockchain technology supporting bitcoin.
Through using the Blockchain technology, there is no necessity of third-party for making the permanent open record of all transaction which takes place on the network. Here, a buyer and the seller can interact directly and their exchange will be recorded in the blockchain ledger.
In October 2017, J.P Morgan Chase declared the launch of a blockchain-based system which will decrease the number of parties required to verify the global payments and it is also used o reduce the transaction durations from weeks to the hours. This project has collaborated with Australia and New Zealand Banking Group, Royal Bank of Canda which is called as Interbank Information Network.