KEY POINTS
- Dimon said blockchain is not like AI, and it's just 'a new piece of computer technology'
- He reiterated that he isn't a fan of crypto and in his eyes, Bitcoin is still a 'pet rock'
- Dimon previously referred to digital assets as decentralized Ponzi schemes
Jamie Dimon, the CEO of JPMorgan Chase, is known for his skepticism toward cryptocurrencies, drawing the ire of digital asset users for his critical words against the rising industry.
At the Financial Markets Quality Conference Tuesday, Dimon made a revelation that triggered talks in the crypto community. Is he softening up toward blockchain and crypto?
JPMorgan Chase Uses Blockchain
When asked about how the bank uses new technologies such as blockchain and artificial intelligence, Dimon acknowledged that "technology is the thing that's changed the world – that's always been true."
He said he would "put AI in the same category" as the internet. He revealed that many workers at JPMorgan use AI across various use cases such as risk and fraud. He added that companies should use technology to make things better for clients.
When pressed further if JPMorgan Chase uses blockchain, Dimon confirmed: "We're probably one of the bigger users of blockchain, an actual user, like a real user."
However, he noted that blockchain "is just a database." The financial expert did admit that blockchain is "a great way to share data," however he reiterated that while the world has been talking about blockchain for years, "not much has happened."
"It ain't like AI. It's just a new piece of computer technology," he said, further emphasizing that he's "not a fan of cryptocurrency," which he calls "a pet rock."
Dimon has been Leaving a Bad Taste in Crypto
Dimon first garnered outrage from Bitcoiners after he called the world's largest cryptocurrency by market value a "pet rock" at the World Economic Forum in Davos earlier this year.
At the time, he also acknowledged that blockchain is a real innovative technology, but he insisted that Bitcoin "does nothing." His comments triggered responses from many BTC users, including Bitcoin maximalist and MicroStrategy executive chairman Michael Saylor, who wittily explained how BTC works.
Dimon has been critical of crypto over the years, at one point calling digital assets "decentralized Ponzi." schemes He has been citing the digital coins' vulnerability to exploitation by threat actors.
Banking Executive Called Out Anew
The Block co-founder Mike Dudas took to X to share his thoughts about Dimon's latest tirade against crypto. "We're gonna replace these boomers over decades, they have no idea what's happening," he said.
One Ethereum user said Dimon "doesn't even understand how poorly run his bank is because it's too big to fail," while another user said he first thought the banking expert was "gaslighting" but it now turns out he is just "clueless" about how crypto works.
While some big bank such as Standard Chartered and Morgan Stanley have taken a more open-minded approach to crypto in recent years, it appears JPMorgan is still hesitant. It does have Onyx, described as a bank-led blockchain platform.
