Bitcoin Critic Jamie Dimon on AI – “This is Not Hype. This is Real”

Jamie Dimon, the iconic JPMorgan CEO and Bitcoin critic has shared his take on the burgeoning Artificial Intelligence (AI) industry. Speaking in an interview with CNBC, the banking veteran opined that the hype surrounding the AI ecosystem is well deserved considering the level of embrace of the new technology. 

Jamie Dimon Sees AI Growth

Many innovations make their way into the tech world but only a few can grow until maturity. According to the JPMorgan CEO, AI is not a fad and it is arguably bigger than ChatGPT, the highly intelligent chatbot created by OpenAI.

The artificial intelligence world has seen many intriguing inventions over the past year. The Large Language Model (LLM) revolution was sparked by OpenAI when it introduced ChatGPT has rapidly grown such that mainstream tech giants like NVIDIA and Microsoft now have their versions of the chatbot.

The goal remains to gain a huge share of the market, however, some skeptics believe that the technology is growing at a faster pace than is sustainable. To Jamie Dimon, this AI growth is justifiable considering adoption and the real-world use case that is trailing its use.

“This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” Jamie Dimon said. “People are deploying it at different speeds, but it will handle a tremendous amount of stuff.”

While AI has been in use for a relatively long term, a major revolution is now underway. Google just released Genie, its AI tool that is capable of creating playable games from pictures.

Away With Bitcoin, Embrace of AI

That Jamie Dimon is advocating for an AI revolution might come as a shock to some industry Bitcoin investors considering how he has proven not to be a fan of the digital currency.

Time and again, Jamie Dimon has slammed the basic tenets of Bitcoin and in one of his recent calls, he named the coin a “Pet Rock” that has no intrinsic value and is not worth holding.

Dimon’s stance contrasts sharply with JPMorgan’s stance as a company as the banking institution is one of the few Authorized Participants (AP) in BlackRock’s spot Bitcoin ETF offering.