JPMorgan Chase CEO Jamie Dimon argued in an interview Tuesday at the Financial Markets Quality Conference that his bank, the largest in the U.S., is likely to be one of the most prolific adopters of blockchain technology.
“We are probably one of the biggest users of blockchain. Real users, real user-like users,” Dimon said when asked about disruptive technologies like blockchain and artificial intelligence. “It’s just a database.”
But Dimon, a longtime crypto skeptic who likens Bitcoin to “rock,” hasn’t done a complete overhaul of the industry he calls “useless.” In fact, the 68-year-old once again used his favorite joke: “Cryptocurrency… I call it rock.”
Still, Dimon seemed to have a forced respect for the technology behind cryptocurrencies, saying blockchain is a good way to “share data” and build trust between banks and their customers.
In 2020, JPMorgan forked a version of Ethereum to create a private, permissioned network called Onyx. The system is designed for wholesale payments, peer-to-peer lending and borrowing, and cross-border payments.
The Onyx network has processed over $700 billion worth of transactions and counts users including Goldman Sachs, DBS Bank, and BNP Paribas.
Dimon has been a champion of ignoring cryptocurrencies in blockchain for years. In Davos, Switzerland in 2021,The banking giant called Bitcoin a “hyped scam” and said blockchain was an “efficient” way to move money. (Bitcoin 
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“We’ve been talking about blockchain for 12 years and nothing has happened. It’s not like AI,” Dimon said Tuesday.
Dimon has said in a congressional hearing that he would ban cryptocurrencies “if I were in government,” and he’s been tipped to be Treasury secretary if Donald Trump wins reelection. Dimon seems to be softening his stance on that.
While Dimon said Chase is unlikely to offer any loans in cryptocurrencies, he is confident that customers will be able to access some cryptocurrency services through the bank.
“If you want to do it… it’s a free country. I believe in a free country. Do what you want to do,” Dimon said.
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