No Takebacks? Jamie Dimon Now Regrets Calling Bitcoin a 'Fraud'

Bitcoin Price Falls $14,000 Becomes The New Normal

Bitcoin prices fell over 6% on Wednesday

"Shorter Dimon - 'I called Bitcoin a fraud before I knew how much money we could make trading it, '" Michael Shea tweeted.

Jamie Dimon, the chairman and chief executive of JPMorgan, has pulled back from past comments calling bitcoin a "fraud", as the cryptocurrency moves towards the financial mainstream. Bitcoin prices were cruising upward at the time, months before cryptocurrency values skyrocketed.

The 61-year-old CEO said Tuesday he's still not very interested in the subject, and thinks that government intervention may eventually hamper bitcoin's growth and acceptance.

While some investors and bank chiefs have been skeptical of cryptocurrencies, they've lauded blockchain as a promising way to speed up payments and contracts.

"You're going to see companies doing things in the short run like increasing wages and a bunch of stuff like that, or one-time bonuses", Dimon told FOX Business' Maria Bartiromo on "Mornings with Maria". The initial coin offerings ICOs need to be reviewed "individually", he said. He is unsure of how "governments are going to feel about bitcoin when it gets really big", a widely shared concern as the currency has gone up over 1,500 percent within the past year alone.

Congress passed a sweeping overhaul of the US tax system in December, aiming to create a more attractive environment for business by shifting to a territorial system and reducing the corporate tax rate from 35% to 21%. Dimon said Chase "may do something" to boost employee compensation, but that short-term gains shouldn't be the focus of the bill. "And I just have a different opinion than other people".

"It's going to have a huge cumulative effect".

Dimon chairs the Business Roundtable, an advocacy group of corporate CEOs that pushed lawmakers to pass the tax overhaul.

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