If creating a picture dictionary of the term "fraud", a portrait of Jamie Dimon may well be a suitable illustration of the term.

Jamie Dimon of JPMorgan Chase back-pedalled today, regarding a statement he made months ago about Bitcoin being a fraud and that only stupid people would buy it. He explained that he regrets making the statement, admitting, "The blockchain is real"(https://www.cnbc.com).

It is easy for the general public to forget that Dimon and JPMorgan Chase were actively involved in large-scale fraud and the subsequent covering up of fraudulent behaviour (check out this article for details). Have a look here for a laundry list of fraudulent activities performed by JPMorgan Chase over the last number of years. The average person tends to trust banks despite their selfish and manipulative behaviour - after all, they are taking care of your money, right?

Interestingly, Dimon spoke of blockchain technology and specifically, ICO's in a positive light. If any sector of the cryptocurrency market could be criticised for fraudulent behaviour, it would be ICO's that can be created purely for the purpose of pumping and dumping. This is likely because JPMorgan Chase has a blockchain service called the Interbank Information Network, powered by "Quorum", a blockchain technology they have developed. It would be in the company's best interest to promote the product and to step back from criticism.

Watch for Dimon and Chase to move toward more positive publicity for blockchain technology and ICO's as their own product furthers partnerships and development. But don't expect Dimon to be singing Bitcoin's praises any time soon.

sources:

http://wallstreetnation.com/breaking-news/jpmorgans-jamie-dimon-said-bitcoin.html

https://www.rollingstone.com/politics/news/the-9-billion-witness-20141106

https://medium.com/@blairerickson/how-is-a-corrupt-criminal-like-jamie-dimon-not-in-prison-for-fraud-f3a1e7eb4cf6