Jamie Dimon on Blockchain and Cryptocurrency

Jamie Dimon, the CEO of JPMorgan Chase, claimed that his bank is one of the largest users of blockchain technology during an interview at the Financial Markets Quality Conference on Tuesday.

“We’re probably one of the bigger users of blockchain, an actual user, like a real user,” Dimon stated when discussing innovative technologies like blockchain and artificial intelligence. “It’s just a database.”

Despite being a long-time skeptic of cryptocurrency, frequently comparing bitcoin to a “pet rock,” Dimon acknowledged the positive aspects of blockchain, stating it’s “a great way to share data” and build trust between banks and customers.

In 2020, JPMorgan developed a private, permissioned version of Ethereum named Onyx, which is tailored for wholesale payments, peer-to-peer lending, and cross-border transactions. The Onyx network has facilitated more than $700 billion in transactions and includes users such as Goldman Sachs, DBS Bank, and BNP Paribas.

Dimon has historically criticized cryptocurrencies, labeling bitcoin as a “hyped-up fraud” while praising blockchain’s efficiency for money transfers. He remarked, “We’ve been talking about blockchain for 12 years, not much has happened — it ain’t like AI.”

Although he once stated he’d ban crypto if given the chance, speculation arises that Dimon may be softening his stance, especially as he is reportedly considered for Treasury Secretary if Donald Trump is reelected.

While he doubts JPMorgan will lend against cryptocurrencies, he believes clients do have access to some crypto services through the bank.

“If you want to do it … it’s a free country. I believe in a free country, do what you want,” Dimon concluded.