• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Tech

JPMorgan CFO Dials Back Dimon’s Criticism That Bitcoin is a ‘Fraud’

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
October 12, 2017, 1:16 PM ET

JPMorgan Chase CEO Jamie Dimon got the market’s attention by calling bitcoin a “fraud” last month, but he declined to discuss the topic on Thursday as his finance chief dialed back some of his earlier comments.

“We are very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated,” chief financial officer Marianne Lake said during a call with reporters to discuss the bank’s third quarter earnings.

Lake also said the bank is “very optimistic” about some of the technology that underlies bitcoin and other digital currencies, a view echoed by Citigroup CFO John Gerspach on that bank’s earnings call with reporters, also on Thursday.

Gerspach said he sees potential for a “real commercial application” for blockchain, the technology that powers trading in digital currencies like bitcoin.

Gerspach also said cryptocurrencies themselves are “worthy of exploration.”

The comments came on a day when the price of bitcoin soared above $5,000 for the first time.

The rise of bitcoin and other digital currencies has created a divide on Wall Street.

Get Data Sheet, Fortune’s technology newsletter.

While many support the use of blockchain, a ledger technology, to speed up and improve trading more broadly, some bankers are opposed to dabbling in actual cryptocurrencies that are not regulated or backed by national governments and have been involved in a number of scandals.

In addition to calling bitcoin a fraud in September, Dimon said he would fire any traders at his bank who touched bitcoin.

Within weeks, CEOs of rivals Morgan Stanley and Goldman Sachs Group offered different views, saying the currency was worth further consideration.

On Thursday’s call, when asked about the topic again, Dimon laughed and said, “I am not going to talk about bitcoin anymore.”

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

woman in blue button down looking at a piece of paper
Future of WorkHiring
‘AI killed the cover letter.’ This Wharton economist says the hiring ritual’s days are numbered
By Catherina GioinoMarch 23, 2026
24 minutes ago
Reddit cofounder and CEO Steve Huffman
SuccessJobs
Billionaire Reddit CEO Steve Huffman says his company will ‘go heavy’ on hiring graduates because ‘they’re so much more AI native’ than older peers
By Emma BurleighMarch 23, 2026
1 hour ago
CryptoVenture Capital
Exclusive: Early Kalshi employees raising up to $35 million for a prediction market VC fund with backing from the CEOs of both Kalshi and Polymarket
By Ben WeissMarch 23, 2026
2 hours ago
Will Wilson smiles
NewslettersTerm Sheet
Startup Antithesis turns years of real-world chaos into hours of simulated mayhem—and key trading firms and crypto networks are paying close attention
By Lily Mae LazarusMarch 23, 2026
4 hours ago
C-SuiteNext to Lead
How the Great Wealth Transfer could quietly disrupt corporate America’s leadership pipeline
By Ruth UmohMarch 23, 2026
5 hours ago
Palmer Luckey, founder of Anduril.
NewslettersFortune Tech
Anduril breaks in to the Pentagon big leagues
By Matthew HeimerMarch 23, 2026
6 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.