JP Morgan CEO regrets calling bitcoin a fraud

JP Morgan Chase CEO Jamie Dimon softened his stance on bitcoin and regretted calling the digital currency a fraud.

In an interview with Fox Business on Tuesday, Dimon said he regretted making his earlier comments on the cryptocurrency.

The head of the biggest U.S. bank called bitcoin "a fraud" last September and said the digital currency "won't end well."

He also said last year that he would not allow JP Morgan traders to trade bitcoin, noting that "it's against our rules and they are stupid."

Bitcoin was trading around 4,200 U.S. dollars when Dimon made the comments. Since then, the price of the digital currency has skyrocketed. Bitcoin traded above 14,000 dollars on Tuesday.

Dimon said he personally is "not interested in the subject at all." But he said blockchain, the open-ledger technology that underpins bitcoins, is real.

(ASIA PACIFIC DAILY)