Comments about bitcoin by the JPM chief created a storm of criticism about his “extreme” views, in which he implied that that it is only of interest to criminals. It is unlikely that we will get a full retraction of his words, but the following may represent some softening of his stance.

(Those who read this far and who would like to receive an upvote from me should include the word “hodl” in their comments and comment intelligently.)

So far he has not changed his stance. Maybe he will do so in the coming months. What would happen to the price of bitcoin? Let’s imagine he said the following:

“I must admit that I have come in for a lot of stick from those who are invested in bitcoin, and similar digital assets. I was truly astonished by the number of comments and the strength of opposition to my words. I have an open mind, and I am willing to be challenged, and debate topics where I could be wrong. I am not stubborn, or intractable. I am willing to listen to the opinions of others, even if I don’t agree with them.

In the light of the reaction to my comments, I have taken the opportunity to learn more about bitcoin, in particular, and its pioneering role in the creation of the blockchain. The blockchain is something that we here at JPM are very interested in. It represents not only challenges, but also many opportunities.

Having looked into it and learned alot more, I can see that there are many specific legal uses. I accept that anything which has a utility, is not worthless, and I withdraw the comments I made implying that. Nevertheless, as with cash - bank notes, and bank balances, there are also potential criminal uses. We need to ensure that regulations are in place to keep out these criminal elements.

As far as my warnings to investors are concerned, I stand by my words. The price of bitcoin has been incredibly volatile. More volatile than any other asset I know of. Investors can lose heavily within minutes and certainly in days.

It is not an appropriate asset for most people. However each person should have a free choice how to spend their money. There are many things that people choose to spend money on, of which others may dissaprove. That is not a reason to make such activities illegal. I have never suggested that bitcoin should be banned. America is a free country, and we want to remain free.

I don’t dissaprove of those who choose to invest their own money in bitcoin, and that includes our staff. We, nevertheless, have codes of conduct which must be adhered to. This is to ensure that those who work for us have integrity and and do not find themselves in conflict of interest situations, nor find themselves in financial difficulties due to inappropriate speculation. Those who work in certain areas, particularly trading, have particular rules regarding their personal investments, that must be adhered to in order to avoid potential conflict of interest situations. These rules cover all forms of investing, including investing in bitcoin. I expect these rules to be followed.

As for risk warnings, we need to ensure that these are not only given, but also heard, by those who want to invest in bitcoin or other digital assets.

Clearly there is a lot of speculation in this area at the moment - just as there was in the 1990s with the dot-com companies. I would like to remind investors that it was a bubble which burst in early 2000, and that most of the dot-com companies no longer exist. Those who choose to invest, do so at their peril. A few may find the equivalent of the next Amazon, most will not. There is no certainty that bitcoin, nor any other digital asset, will live up to the dreams of those who are investing now. It is possible. It is more likely that some newer more exciting fad will take its place and people will lose money. History is on my side for that.

In closing, I would also like to withdraw any comment I made suggesting that bitcoin is a “fraud”. Bitcoin may be a very specultive investment, but there is nothing to suggest that it, or the majority of the people involved in it are frauds. There are many other digital currecies and tokens out there, which ARE obvious frauds. Investors need to be particularly wary of the many ICOs, most of which are not an investment, but rather a contribution or gift to the profit and loss of the company. At best, they aren’t worth the digital paper they are are printed on, and they are, in many cases, scams, frauds, or pump-and-dump schemes.

Thank you for your time, ladies and gentlemen. I will not be making any more comments on bitcoin, nor answering any questions on the subject.”

As mentioned above, this is not an actual speech by him. What I would like to ask is this: “How would the world react if he said this, and what would happen to the bitcoin price?”