JP Morgan CEO Jamie Dimon has revealed that he isn’t taking any satisfaction in Bitcoin’s demise over the past year, despite calling it a “fraud” during the height of the previous bull market.

The 62-year-old, who has been a staunch critic of cryptocurrencies but an advocate of blockchain technology, spoke to CNBC while at the World Economic Forum in Davos, Switzerland.

When asked if he took any satisfaction after Bitcoin dropped more than 80%, Dimon revealed he “didn’t take any.”

“Blockchain is a real technology — it’s just a database we can all access that’s kept up to date,” he told CNBC.

Dimon infamously called Bitcoin a “fraud” in 2017. His comments brought intense scrutiny from the cryptocurrency community, even more so after it emerged that his firm had purchased €3 million worth of XBT note shares, according to public records of Nordnet trading logs.

In October, JP Morgan launched a blockchain-based system that will “significantly reduce” the number of parties needed to verify global payments. This project is also being utilised by a number of banking firms including Royal Bank of Canada and New Zealand Banking Group.

Dimon’s comments in Davos were to the contrary of those from the founder of BCG Digital Ventures Jeffrey Schumacher, who claimed that Bitcoin’s price was “heading to zero.”

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