He said that initial coin offerings - a form of cryptocurrency fundraising used by many blockchain startups - had to be looked at "individually".
This stands in contrast to Dimon's previous statement on the topic, in which he spoke to bitcoin investors: "If you're stupid enough to buy it, you'll pay the price for it one day".
For months, the JPMorgan Chase CEO was one of bitcoin's most vocal high-profile critics.
The economic research team at the St. Louis FED estimates that there is only a 4 percent chance the U.S. economy enters a recession in 2018.
"Blockchain is real. You can have crypto yen and dollars and stuff like that", Dimon told Fox. The price has been on a downward spiral for a few days now. "And I just have a different opinion than other people".
Despite Dimon's criticism, several banks, exchange operators and companies eagerly embraced bitcoin, sparking a spectacular rise in the ctyptocurrency. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big.
On Tuesday, bitcoin was down nearly 5 percent at $14,202 in early trading.
Dimon's fiercely negative and unfiltered comments about Bitcoin went viral last year, as he took shot after shot at the cryptocurrency. "If we have a couple of years of good growth, that could justify the markets where they are". He also has said an unregulated currency's prospects for survival are essentially zero, as governments would be unlikely to tolerate one.
The market cap of bitcoin falls to $240 billion on Wednesday against $294 billion on January 7.
Of late, digital currency bitcoin has gained legitimacy with senior investment analysts coming out in favour of the digital currencies. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
- Daniel Shane contributed to this article. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
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