Crypto
In a recent interview, JPMorgan Chase CEO and banking mogul Jamie Dimon ranked his bank among the biggest blockchain users. He stated that blockchain is not similar to AI but is just a database banks use for records.
However, the long-standing crypto skeptic still believes Bitcoin is a “pet rock.” He highlighted the need for the US government to ban Bitcoin and other digital assets.
JPMorgan Chase Is One Of The Biggest Users Of Blockchain Technology
In an interview at the Financial Markets Quality Conference, Jamie Dimon rated JPMorgan Chase among the top blockchain users.
Dimon stated, “We’re probably one of the biggest users of blockchain, an actual user, like a real user.”
JPMorgan Chase CEO Jamie Dimon said that as the largest bank in the United States, JPMorgan Chase may be one of the biggest users of blockchain technology. However, Dimon said that blockchain is just a good way to share data and continue to maintain a skeptical attitude towards…
— Wu Blockchain (@WuBlockchain) September 18, 2024
When asked about emerging technologies like blockchain and AI, the CEO described blockchain as “just a database.” Also, Dimon highlighted the benefits of blockchain technology, especially in enhancing users’ trust and data sharing between banks and customers.
The US largest bank, JPMorgan, launched its blockchain, Onyx, in 2020 as a forked version of the Ethereum blockchain. Onyx runs as a permissioned blockchain and has executed over $1 trillion in transactions, averaging over $2 billion since its launch.
Moreover, several other entities, such as DBS Bank, Goldman Sachs, and BNP Paribas, use the blockchain. It supports wholesale payments, cross-border settlements and transactions, and peer-to-peer lending and borrowing.
In addition, JPMorgan has also developed a stablecoin, JPM Coin, for its payment transactions with institutional customers. The bank allegedly backed this stablecoin with US dollar reserves.
JPMorgan CEO Still Maintains A Skeptical Stance On Crypto
After using blockchain technology for so long, Dimon still maintains a skeptical stance on crypto. He said blockchain functions differently from AI.
He said, “We’ve been talking about blockchain for 12 years; not much has happened – it ain’t like AI.”
He said cryptocurrency has witnessed fewer advancements in the past decade than AI. Conversely, the executive praised AI models for recording exponential growth in just two years.
The long-time crypto skeptic, who once compared Bitcoin to “a pet rock,” still keeps to his beliefs. Again, he used his mockery tone and said, “Cryptocurrency… I call this a pet rock.”
Also, the CEO reiterated the company’s stance of not lending against crypto. He noted that though some customers can access cryptocurrencies, the situation concerns their choice. He pointed out that it’s a free country where people can choose.
Dimon has remained dismissive of crypto assets over the years. In 2021, the CEO tagged Bitcoin as a “hyped-up fraud” during a conference in Davos, Switzerland.
Moreover, the executive once disclosed his appeal to ban crypto in a congressional hearing if he becomes the government. Dimon is reportedly eyeing the position of Treasury Secretary if Donald Trump wins the upcoming election.
“If I was the government, I’d close it down,” JPMorgan CEO Jamie Dimon said about crypto during testimony before the Senate Banking Committee https://t.co/urfaWxhErr pic.twitter.com/StTC6NS61C
— Bloomberg TV (@BloombergTV) December 6, 2023
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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