Jamie Dimon: Tax cuts shift American business into high-gear

J.P. Morgan Chief Executive Jamie Dimon has publicly admitted that he regrets calling bitcoin a "fraud" in his interview on Fox Business on Tuesday. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. ICOs"-initial coin offerings-"you got to look at every one individually".

That was just one of many critical comments about bitcoin, "which I regret making", Dimon said during an interview with Fox Business on Tuesday.

Speaking to Maria Bartiromo, Jamie Dimon, CEO of JP Morgan Chase, made a partial retraction of his comments regarding Bitcoin, something he had called a fraud. You can have crypto Dollars and Yen and stuff like that. He also threatened to dismiss JPMorgan traders if they traded the cryptocurrency.

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. Yet, soon after he opined that bitcoin buyers will "pay the price" if they are "stupid enough to buy it".

Dimon said cutting the corporate rate will create jobs, boost incomes and create competition in America.

"I think one of the mistakes that people make is [focusing on] what's the impact tomorrow", Dimon said.

Despite such steadfastly sceptical attitude and Dimon's promise to fire anyone working for J.P. Morgan, who would be caught investing in Bitcoin, the bank didn't stop moving towards new technologies and considered allowing its clients to trade bitcoin futures.

The digital currency's price soared 1,300% previous year.

The high-profile chief executive added that he is "not interested that much in the subject at all".

Bitcoin was down almost 2 percent at $14,786 in early trading on Tuesday.

  • Anthony Vega