{"id":29442,"date":"2024-09-18T18:30:37","date_gmt":"2024-09-18T15:30:37","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29442"},"modified":"2024-09-18T11:48:42","modified_gmt":"2024-09-18T08:48:42","slug":"jpmorgans-dimon-backs-blockchain-slams-crypto","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/jpmorgans-dimon-backs-blockchain-slams-crypto\/","title":{"rendered":"JPMorgan\u2019s Dimon Backs Blockchain, Slams Crypto"},"content":{"rendered":"<p>In an interview at the Financial Markets Quality Conference on Tuesday, <strong>Jamie Dimon, CEO of JPMorgan Chase<\/strong>, asserted that the biggest bank in the United States, <strong>Jamie Dimon&#8217;s<\/strong> helms, most certainly makes use of blockchain technologies.\u00a0 <strong>Dimon<\/strong> said, &#8220;<em>We&#8217;re probably one of the bigger users of blockchain, an actual user, like a real user<\/em>,&#8221; when questioned about cutting-edge technology like artificial intelligence and blockchain. <em>&#8220;It&#8217;s just a database.&#8221;<\/em><\/p>\n<p>On the industry he has labeled &#8220;worthless,&#8221; <strong>Dimon<\/strong>, a long-time crypto critic who has likened bitcoin to &#8220;a pet rock,&#8221; is not performing an about-face. Indeed, the 68-year-old once more employed his preferred laugh line:<em> &#8220;Cryptocurrency&#8230; I call this a pet rock.&#8221;<\/em><\/p>\n<p>Having said that, <strong>Dimon<\/strong> seems to have acquired grudging respect for the technology behind cryptocurrencies since blockchain is &#8220;a great way to share data&#8221; and build trust between banks and their clients.<\/p>\n<p>To establish Onyx, a private, permissioned network for 2020, JPMorgan forked a variation on Ethereum. The system is made for cross-border payments, peer-to-peer lending and borrowing, as well as wholesale payments.\u00a0 Processing more than $700 billion worth of transactions, the Onyx network boasts users including Goldman Sachs, DBS Bank, and BNP Paribas.<\/p>\n<p>For years, <strong>Dimon<\/strong> has been a crypto-dismissive advocate of blockchain. The banker known as bitcoin at Davos, Switzerland, in 2021 described it as a &#8220;hyped-up fraud,&#8221; but blockchain as an &#8220;efficient&#8221; means of money flow. <strong>Dimon<\/strong> stated on Tuesday, <em>&#8220;We&#8217;ve been talking about blockchain for 12 years; not much has happened\u2014it ain&#8217;t like AI.&#8221;<\/em><\/p>\n<p>Once claimed in a congressional hearing that he would ban crypto &#8220;if I were the government,&#8221; <strong>Dimon<\/strong> is reportedly in the running to be named Treasury Secretary should Donald Trump be reelected, a post he is now softening on.\u00a0 Although <strong>Dimon<\/strong> stated Chase is unlikely to lend against cryptocurrencies, he is rather certain customers have access to some crypto services via the bank.<\/p>\n<p><em>\u201cIf you want to do it&#8230; it&#8217;s a free country. I believe in a free country; do what you want,<\/em>\u201d <strong>Dimon<\/strong> stated.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an interview at the Financial Markets Quality Conference on Tuesday, Jamie Dimon, CEO of JPMorgan Chase, asserted that the biggest bank in the United States, Jamie Dimon&#8217;s helms, most certainly makes use of blockchain technologies.\u00a0 Dimon said, &#8220;We&#8217;re probably one of the bigger users of blockchain, an actual user, like a real user,&#8221; when<\/p>\n","protected":false},"author":6,"featured_media":29443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[393,8667,2087],"class_list":["post-29442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-jamie-dimon","tag-jpmorgan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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