u.today
JPMorgan Chase CEO Jamie Dimon has once again drawn a hard line in the sand between the underlying technology of digital assets and the speculative frenzy surrounding cryptocurrencies like Bitcoin.
During at a conference held in Washington, D.C. that was held earlier this Tuesday, the billionaire CEO stated that he believes in blockchain but rejects crypto speculation.
"When you talk about blockchain, we are a big user, we're the biggest," he said.
He believes that the technology will be used for smart contracts as well as moving money and data. "It will be very efficient and very capable," Dimon added.
JPMorgan has backed this up with billions of dollars in daily transaction volume through its proprietary blockchain platform, formerly Onyx (now rebranded as Kinexys). The bank also blockchain-based JPM Coin, which Dimon specifically mentioned during the event. The token is used for executing cross-border payments, intraday repo lending, and tokenized deposits.
Not a Bitcoin fan
For Dimon, blockchain is a compelling operational tool that can replace "clumsy" legacy systems.
In a January 2024 interview with CNBC’s Squawk Box at the World Economic Forum in Davos, Dimon stated that Bitcoin is like a pet rock.
During a December 2023 Senate Banking Committee hearing, Dimon told lawmakers, Dimon stated that Bitcoin is being primarily used by criminals and drug traffickers.
At the Australian Financial Review business summit, he compared buying Bitcoin to smoking: "I don't think you should smoke, but I'll defend your right to smoke... I'll defend your right to buy a Bitcoin," he said.
AI as a disruptive force
Dimon has noted that most technologies take a long time to gain significant traction.
However, artificial intelligence is currently disrupting various industries at a much faster pace.
JPMorgan has fully embraced the technology, dedicating massive portions of its nearly $20 billion tech budget to AI development.
At the World Economic Forum in Davos in early 2026, he warned that the rollout of AI might happen "too fast for society," warning about possible civil unrest.