Despite his skepticism towards cryptocurrencies, Dimon acknowledged the effectiveness of blockchain technology. He reiterated his view by calling cryptocurrency a “pet rock” but praised blockchain as a “great way to share data.”
JPMorgan’s blockchain network, Onyx, was launched in 2020 and is based on a forked version of Ethereum (CRYPTO: ETH). It supports wholesale payments, peer-to-peer lending, and cross-border transactions. The network has processed over $700 billion worth of transactions and includes firms like Goldman Sachs, DBS Bank, and BNP Paribas among its users.
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Dimon has consistently dismissed cryptocurrencies while advocating for blockchain. At Davos in 2021, he labeled Bitcoin (CRYPTO: BTC) a “hyped-up fraud” but acknowledged blockchain’s efficiency in moving money. He reiterated on Tuesday that blockchain has not advanced as much as artificial intelligence over the past 12 years.
Dimon, who once suggested banning crypto, is reportedly a candidate for Treasury Secretary if Donald Trump wins reelection. He mentioned that while Chase might not lend against cryptocurrencies, clients still have access to some crypto services.
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Why It Matters: Dimon’s recent comments come amid a backdrop of significant shifts in the cryptocurrency landscape.
Dimon reiterated his harsh stance on Bitcoin, recalling his statement from seven years ago, in which he said he would “fire in a second” any JPMorgan trader caught trading Bitcoin. Despite this, JPMorgan has investments in exchange-traded funds tied to Bitcoin, such as the Grayscale Bitcoin Trust (NYSE:GBTC).