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
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Potaroma Moving Ball Cat Toys with Feather Tail, Rechargeable 2025 New Interactive Ball for Indoor Cats Exercise, Smart Interactive Kitten Rolling Ball, Orange
$12.98 (as of February 6, 2025 19:27 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Handmade Custom Bag Charm for women - Purse Charm - Personalized Letter Name Keychain with Heart Clasp - Baby Diaper Backpack Tag
$14.99 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Kasa Smart Indoor Pan-Tilt Home Security Camera, 1080p HD Dog Camera w/Night Vision, Motion Detection for Baby & Pet Monitor, Cloud & SD Card Storage, Works w/ Alexa & Google Home, 2.4G WiFi (EC71)
$17.39 (as of February 5, 2025 19:31 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Elixir Strings, Acoustic Guitar Strings, 80/20 Bronze with NANOWEB Coating, Longest-Lasting Bright and Focused Tone with Comfortable Feel, 6 String Set, Light 12-53
$16.99 (as of February 6, 2025 20:03 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
