The lawsuit comes at a time when many financial institutions such as JPMorgan, Citigroup, and Bank of America have begun blocking or restricting cryptocurrency purchases. One might also recall JPMorgan chief Jamie Dimon’s harsh comments calling bitcoin a ‘fraud’ and its traders ‘stupid’, ones which he later regretted.
At a separate forum on Wednesday, Jamie Dimon said the U.S. economy looked pretty good and that although there will be a decline sometime, growth was most likely to continue. He said looking at jobs, wages and consumer credit, growth seemed strong for this year and part of next year. He also hinted at the certainty of another recession without any clue on its timing. He called for better policies and regulations to facilitate smooth economic growth.
JPMorgan has plans to broaden its footprint by about 8% and open around 400 new branches, including ones in Boston, Washington DC, and Philadelphia. Dimon said technology has a huge role to play in banking.
JPMorgan is all set to report its first-quarter 2018 earnings on Friday.