JPMorgan CEO Jamie Dimon says Bitcoin is a ‘hyped-up fraud’ and cryptocurrencies are a ‘waste of time’ but blockchain is a ‘deployable’ technology

J.P. Morgan CEO Jamie Dimon says Bitcoin is a ‘hyped-up fraud’ and cryptocurrencies are a ‘waste of time’—but blockchain is a ‘deployable’ technology. Despite the ongoing Crypto Winter, Bitcoin supporters are certain that the future for the fledgling industry is bright. And so far this year, they’ve had reason to celebrate. Bitcoin’s price has jumped in the past few weeks. But JPMorgan Chase CEO Jamie Dimon still isn’t a believer. At the World Economic Forum in Davos, Switzerland, Dimon bashed cryptocurrencies as a distraction.

But while Dimon doesn’t believe in cryptocurrencies, when it comes to the blockchain technology that they’re built on, he has a much more positive outlook.

“That’s different,” CEO J.P. Morgan said on Thursday. “Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo, and we’ve used it to move money, right? So that’s a technology ledger that we think will be deployable.”