The buzz generated by Dimon's comments spurred more interest in the alt-currency. Bitcoin rose around 30 percent in one month following Dimon's speech, where he also compared the currency to tulips bulbs in a reference to the famous market bubble from the 1600s.
Dimon's comments were followed by a more tempered view from chief financial officer Marianne Lake, who said the bank was "very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated." Despite Dimon's criticism, several banks, exchange operators and companies eagerly embraced bitcoin, sparking a spectacular rise in the cryptocurrency. On Tuesday, bitcoin was down nearly 5 percent at $14,202 in early trading. It traded at $909 a year ago and breached $19,000 in December.
Exchange operators such as CME Group Inc and Cboe Global Markets Inc opened their platforms to allow bitcoin futures trading, while Square Inc rolled out a bitcoin buying/selling feature on its app to a select few. Dimon and Lake, however, have commended blockchain - the technology used by bitcoin and other digital currencies - a view echoed by Citigroup Inc CFO John Gerspach and many others across the industry.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.