Jamie Dimon, the CEO of JPMorgan Chase, recently shared some insights about blockchain technology. He mentioned that JPMorgan is likely "one of the bigger users" of it. During an interview at the Financial Markets Quality Conference, he explained that the bank uses blockchain as "just a database." This technology helps share data and builds trust between banks and their customers.

Even though Dimon has been skeptical about cryptocurrencies, he sees real value in blockchain. He referred to cryptocurrency as a "pet rock," but praised blockchain as a "great way to share data."

JPMorgan launched its blockchain network, called Onyx, in 2020. It runs on a modified version of Ethereum (ETH/USD). Onyx supports various functions like wholesale payments, peer-to-peer lending, and cross-border transactions. So far, it has processed over $700 billion in transactions. Notably, firms like Goldman Sachs, DBS Bank, and BNP Paribas are part of this network.

Dimon has consistently supported blockchain while being critical of cryptocurrencies. At the Davos conference in 2021, he called Bitcoin (BTC/USD) a "hyped-up fraud," but he acknowledged blockchain’s efficiency in moving money. He pointed out that blockchain hasn’t made as much progress as artificial intelligence in the last 12 years.

Interestingly, Dimon has suggested a ban on cryptocurrencies in the past. Now, there are rumors that he could be a candidate for Treasury Secretary if Donald Trump wins reelection. He noted that while JPMorgan might not lend against cryptocurrencies, clients can still access some crypto services.

Dimon’s comments come at a time of significant changes in the cryptocurrency landscape. He reiterated his critical stance on Bitcoin, recalling a past statement where he said he would "fire in a second" any JPMorgan trader caught trading Bitcoin. Despite this, JPMorgan has invested in Bitcoin-related exchange-traded funds, including the Grayscale Bitcoin Trust (GBTC).

Additionally, Trump and his family have started a cryptocurrency project called World Liberty Financial, which marks a shift from his previous views on digital currencies.

It’s worth noting that skepticism about Bitcoin isn’t just Dimon’s viewpoint. Notable economist Peter Schiff and tech entrepreneur Peter Thiel have also raised doubts about Bitcoin’s future. Schiff stated he hasn’t seen any convincing arguments to support Bitcoin, while Thiel expressed concerns about its growth potential.