The CEO of JPMorgan Chase is pulling no punches over his opinion on Bitcoin.

Jamie Dimon, who serves as JPMorgan Chase’s chairman and CEO, spoke with CNBC’s Squawk Box about Bitcoin – and he’s not a fan.

Dimon asked why the network bothers wasting time on crypto. He called it “a hyped-up fraud,” adding that it’s a “pet rock.”

But blockchain technology isn’t a fraud, according to Dimon who explained, “Blockchain is a technology ledger system that we use to move information,” he added, “we use it to move money, so that it’s a ledger … we think it will be deployable.”