The Last & Final Word (for now) On Bitcoin from Jamie Dimon

Jamie Dimon

NOT AGAIN! But yes, the CEO of JP Morgan is using the bitcoin word again. Except this time he says he won’t talk about bitcoin anymore. Except he is. And THAT’S really good news for digital currency traders and investors. His comments move markets. I’ll bet there are ‘zillions’ of algorithms just keyed for “Jamie…..Dimon……bitcoin” to place buy orders when he trash talks “The Bit”. Come on Jamie, one more negative comment. I’m a buyer.
(Bill Taylor/CEO)

Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.

“I wouldn’t put this high on the category of important things in the world. But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.

JPMorgan CFO Marianne Lake then took over the conversation.

“We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.

Blockchain technology allows the immediate, secure transfer of funds anywhere in the world without a third party such as a bank to facilitate the transaction.

Dimon had the last word. “I was reminded that we move trillions of dollars a day … digitally. It’s not cash.”

Dimon told an investor conference last month that bitcoin was a fraud “worse than tulip bulbs.” His comments ran contrary to many on Wall Street who have begun to embrace, or at least experiment, with bitcoin and the blockchain technology it utilizes.

During Citigroup’s earnings call Thursday, Chief Financial Officer John Gerspach said, “We think the area of cryptocurrency and digital currency is an area worthy of exploration.” Gerspach said Citi’s labs in Tel Aviv and Dublin are looking at digital currencies, cryptocurrencies and blockchain…”

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