JPMorgan boss Jamie Dimon says his bank is the biggest blockchain user even though he hates Bitcoin

Although JPMorgan Chase CEO Jamie Dimon has long criticised Bitcoin, he acknowledges the value of blockchain technology.

On Tuesday, Dimon remarked that JPMorgan Chase is one of the largest “real” users of blockchain, highlighting the bank’s practical applications of the technology through products like JPM Coin. Blockchain’s core function as a secure, distributed ledger has become a significant tool in automating financial transactions within the banking system.

Dimon’s Continued Criticism of Bitcoin

Despite his support for blockchain, Dimon remains vocal in his opposition to Bitcoin. He famously labelled the cryptocurrency a “fraud” in 2017 and reiterated on Tuesday that he is “not a fan of cryptocurrency.”

This scepticism persists even though Bitcoin has experienced significant growth, with its price surging over 40% since his remarks at Davos in 2021. Dimon has consistently contrasted blockchain’s utility with what he perceives as the overhyped nature of Bitcoin.

Blockchain in JPMorgan’s Operations

JPMorgan’s use of blockchain extends beyond theory, with its JPM Coin serving as an example of how the bank leverages the technology for secure and efficient fund transfers.

This system enables the automation of transactions based on pre-set conditions, illustrating blockchain’s potential in real-world financial applications. However, Dimon’s firm stance against cryptocurrencies like Bitcoin has not translated into a complete rejection of blockchain’s capabilities.

related reading：Former JPMorgan Employee Fined and Suspended for Mishandling Customer Data

Dimon’s Take on AI and Future Prospects

Dimon’s views on blockchain are in stark contrast to his optimism about artificial intelligence (AI), which he believes holds revolutionary potential, even going so far as to suggest it could "cure cancer." However, his measured approach to crypto persists.

Though JPMorgan Chase is unlikely to lend against cryptocurrencies, Dimon acknowledged that the bank’s clients do have access to certain crypto services, reflecting a subtle shift in his previously staunch opposition.

Political and Regulatory Implications

Dimon’s role in the financial world could expand if he is appointed Treasury Secretary should Donald Trump win re-election.

His historic remarks at a congressional hearing, where he suggested banning crypto, signal potential regulatory challenges ahead.

Still, Dimon appears to be softening his stance, indicating that in a “free country,” people should be able to pursue cryptocurrency if they wish.

related reading：Trump is considering Jamie Dimon for Treasury Secretary, What would that mean?