The CEO of JP Morgan Chase was one of many top executives on Wall Street that were predicting a bad ending for Bitcoin.
Since last year, the price of Bitcoin has gone from $20,000 to $3,570, but Dimon told CNBC that he doesn’t find any satisfaction in seeing the price drop.
Dimon, however, is still bullish on Bitcoin’s underlying tech, blockchain.
No victory laps for Dimon
The bursting of Bitcoin’s price bubble doesn’t make Dimon feel satisfied, even though he was one of the first people on Wall Street against the digital currency.
He labeled BTC a “fraud” and warned investors that they would pay the price if they were “stupid enough to buy it.”
Speaking to CNBC at the World Economic Forum in Davos, he said that he doesn’t take any satisfaction from the price decline.
Despite his issues with Bitcoin, Dimon is throwing his weight behind its underlying technology.
Despite the corporate hype around this technology, he doesn’t believe it’s an ideal fit for disrupting things like equity trades. He believes that it is more suited for replacing certain online databases.
“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”
J.P. Morgan’s use of blockchain
J.P. Morgan, the Wall Street heavyweight, is involved in blockchain technology.
It already has a Blockchain Center of Excellence (BCOE) which is exploring use cases of blockchain technology and testing solutions across business lines.
The bank is currently using a blockchain-based system which they announced in October 2017, that reduces how many third-party intermediaries are needed to verify payments and also reduces transaction times from “weeks to hours.”