Crypto Naysayer and JPMorgan CEO Jamie Dimon Lauds Blockchain

Jamie Dimon, CEO of JPMorgan Chase, has praised blockchain technology in his latest shareholder letter. In the annual shareholder letter, Dimon wrote: decentralized finance [DeFi] and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.

Dimon said, “We believe there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements.”

The Wall Street exec also declared that JPMorgan Chase was at the forefront of this innovation. He also referenced the bank’s blockchain network Liink. JPMorgan’s Liink enables institutions to exchange payment-related information quickly and securely, and addresses challenges that result in increased costs and delays. Additionally, Dimon stated that JPMorgan will continue to grow and invest in its payments business.

Dimon is a well-known and vocal critic of bitcoin. More than once, he’s called Bitcoin a “fraud” and even compared it to the Dutch Tulip craze of the 17th century. “It’s worse than tulip bulbs,” he said once, “It won’t end well. Someone is going to get killed.”

 In 2021, he called bitcoin “worthless” during an Institute of International Finance event. In another instance, Dimon also proclaimed that he believed that bitcoin had no intrinsic value and called it “fool’s gold.”

Nonetheless, the CEO has always recognized value in blockchain technology. At the Wall Street Journal CEO Summit in May, Dimon stated, “Blockchain is real. We use it. But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank.”

J.P Morgan is a global leader in financial services offering solutions to the world’s most influential corporations, governments, and institutions.