Jamie Dimon says he regrets calling bitcoin a fraud BUT remains concerned about how
- J.P. Morgan Chase CEO said he regrets calling bitcoin a fraud.
- “The blockchain is real,” Dimon tells Fox Business.
- Dimon remains concerned about how “governments are going to feel about bitcoin when it gets really big.”
J.P. Morgan Chase Chairman and CEO Jamie Dimon is backpedaling a bit on his earlier criticisms on cryptocurrencies.
In September, Dimon called bitcoin a fraud. On Tuesday, he regretted making that comment.
“The blockchain is real,” Dimon told Fox Business. “You can have cryptodollars in yen and stuff like that. ICOs … you got to look at every one 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.”
ICOs stands for initial coin offerings, a controversial way some cyrptocurrency companies are raising funds.
“I’m not interested that much in the subject at all,” Dimon added in the interview.
Along with his earlier bitcoin is a “fraud” statement the executive also blasted digital currency investors last year.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said in response to a moderator question at an Institute of International Finance conference in October.
The price of bitcoin declined 1.4 percent to $14,760 Tuesday, according to data from industry website CoinDesk. The digital currency is up more than 1,500 percent in the past 12 months.
CNBC https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
![Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin. A sweeping law enforcement operation involving 21 public security authorities in Guangdong has cracked down on organized football gambling during the ongoing football World Cup, resulting in the arrests of some 540 individuals suspected of organizing online gambling rings. Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating/opening a gambling platform brings criminal liabilities. In an announcement, the Guangdong Provincial Public Security Department narrowed down on a specific unnamed online gambling platform that facilitated over RMB 10 billion ($1.5 billion) in cryptocurrency betting. The gambling platform promised support for betting in Bitcoin, Ethereum’s Ether token and Litecoin, the announcement said. In the 8 months since its launch, the gambling platform attracted over 330,000 members. Authorities accused the platform of amassing profits through a pyramid scheme that encourages members, or ‘agents’, to bring in others to raise their own commissions. Further, the bookmaker also allegedly manipulated the online betting odds in proportion to the size of the bets to allow a small number of people to win, authorities claimed. Authorities have also arrested ‘six key members’ behind the gambling platform across China, frozen assets of over RMB 5 million and confiscated cryptocurrency worth over RMB 10 million (approx. $1.5 million). Severs, computers, smartphones and bank cards were also seized during the crackdown which has seen authorities shut down seventy mobile apps and websites alongside 250 online chat groups overall. “[This case] is the most representative [example] of a new form of online football gambling,” the Guangdong authority added. Meanwhile, the World Cup final is due to be contested between France and Croatia, the latter the underdog, this Sunday. Odds?](https://walesexpress.com/wp-content/uploads/2018/07/security-cryptocurrencies-ico-red-card-regulation-stop-760x400-100x70.jpg "World Cup: Chinese Police Crack Down on $1.5 Billion Bitcoin Gambling Ring")
