JPMorgan CEO Acknowledges Blockchain’s Value but Remains Skeptical of Cryptocurrencies

JPMorgan CEO Jamie Dimon, speaking at the Financial Markets Quality Conference, acknowledged that the bank could be a “significant user” of blockchain technology.

Despite Dimon’s long-standing skepticism towards cryptocurrencies—having previously referred to Bitcoin as a “pet rock”—he admitted that blockchain holds value as a means of “data sharing and building trust.” In 2020, JPMorgan launched its private network, Onyx, built on Ethereum, to facilitate wholesale payments, peer-to-peer lending, and cross-border transactions.

To date, the platform has processed over $700 billion in transactions. While noting that blockchain technology has been around for 12 years, Dimon remarked that its progress appears slow compared to advancements in artificial intelligence.