One of crypto’s most vocal critics is changing his tune. Jamie Dimon, the CEO and chair of JPMorgan Chase , has said for years that Bitcoin is no different from pet rocks, serving only scammers and money launderers. But as his bank experiments with digital asset ledgers, Dimon has come around to the technology, arguing on Tuesday that “blockchain is real.”

Speaking at Fortune’s Most Powerful Women summit in Washington, DC, Dimon argued that stablecoins and his bank’s own JPMorgan Deposit Token will have real-world use cases, but that the decentralized nature of blockchains makes it a challenge to get parties to agree on permissions and rules. Dimon said this is why JPMorgan’s version of blockchain is private, as opposed to Bitcoin or Ethereum , meaning it has total control of wh

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