Speaking on sidelines of the World Economic Forum in Davos, Jamie Dimon, the Chairman, and CEO of JPMorgan Chase said in an interview on CNBC’s pre-market morning show “Squawk Box” that he took no satisfaction in seeing the price of Bitcoin (BTC) fall around 80% from its all-time high reached in December 2017.
During the interview, when asked if Bitcoin is better than marijuana stocks, Dimon noted: “that it is, but we’re not banking pot either.” In February 2018, JPMorgan had banned the purchase of cryptocurrency with their credit cards.
Dimon has previously termed bitcoin a “fraud” and warning investors that if they were “stupid enough to buy it” they would “pay the price one day.”
According to Dimon “Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date,” he said, adding that the media was partially to blame for all the hype surrounding cryptocurrencies.
However, Bitcoin has failed to stage a recovery. Since its peak in December 2017, the cryptocurrency has fallen 82 percent, according to data from CoinDesk.