After dismissing bitcoin as a fraud in September last year, Jamie Dimon is now backtracking on his remark about the cryptocurrency.
Back in the fall of 2017 Dimon hit headlines for comments he made about bitcoin at a conference, where he branded the cryptocurrency a 'fraud', called its investors 'stupid' and said any JPM banker caught trading it would be fired.
The JPMorgan Chase chairman and chief executive has now said he regretted these remarks.
In an interview on Fox Business, he said: 'I regret making them.'
He added: 'The blockchain is real. You can have cryptodollars in yen and stuff like that.'
He said that his previous worry over bitcoin in part stemmed from possible government intervention when the cryptocurrency gets really big.
However, Dimon seems to have always had a positive stance towards the ledger technology behind most cryptocurrencies: blockchain.
In October last year, JPMorgan said it would launch a blockchain-based system with two other banks to reduce global payment transaction speeds 'from weeks to hours.'
Blockchain, originally developed for virtual currencies such as bitcoin and ethereum, is a digitized, decentralized public ledger (a collection of financial accounts) of all cryptocurrency transactions. The blockchain technology creates efficiencies by removing all human involvement in processing transactions, which makes the process faster while reducing mistakes.
Bitcoin has had a meteoric rise since the start of 2017, having surged to an all-time high of almost $20,000 last year, the currency was at $14,587.16 per coin at the time of publication, according to bitcoin exchange CoinDesk.