JPMorgan Chase boss Jamie Dimon may not like Bitcoin or cryptocurrency—but his bank is one of the “bigger users” of its underlying technology.
Billionaire banker Dimon said Tuesday that his bank—one of the largest in the world—was one of the biggest "real" users of the blockchain.
“[JPMorgan Chase] is probably one of the bigger users of blockchain. A real user—an actual user—as opposed to sex trafficking,” he said in an interview at the Georgetown Psaros Center for Financial Markets and Policy.
Bitcoin and its pseudonymous creator (or creators) Satoshi Nakamoto released the technology to the world after minting the first digital coin. A blockchain, the underlying tech on which Bitcoin’s network runs, is a distributed, online ledger that records transactions. It uses cryptography and cannot easily be tampered with.
The technology inspired tens of thousands of other cryptocurrencies and has been used elsewhere—including in the banking system. JP Morgan uses blockchain with its JPM Coin product. The system allows companies to automate the transfer of funds based on preprogrammed conditions.
But Dimon has long criticized Bitcoin—calling it a “fraud” back in 2017, and last year saying he’d “close it down” if he could.
“I’m not a fan of cryptocurrency,” he said again on Tuesday.
Dimon did reiterate his enthusiasm for artificial intelligence, though. “I think it’s going to cure cancer,” he added.
Edited by Andrew Hayward