JPMorgan CEO Jamie Dimon appeared to reasonable his long-held skepticism towards digital belongings in a CNBC interview Tuesday morning, saying he’s now “a believer in stablecoins” and sees worth in blockchain expertise.
Through the interview, Dimon instructed JPMorgan’s shift towards crypto is being pushed by buyer demand, not conviction. “We’re going to accommodate… It’s what the client desires, not what JPMorgan desires,” he mentioned, including that each one new monetary merchandise include threat: “There’s by no means been a brand new monetary product that didn’t entail threat.”
JPMorgan has been sharply increasing its footprint in crypto. Dimon confirmed in mid‑July that the financial institution plans to take part within the area with its deposit coin and broader stablecoin issuance to “perceive it and be good at it.”
A short historical past of Jamie Dimon on crypto
Dimon’s feedback mark the newest flip in a years-long evolution that has seen him go from considered one of crypto’s harshest critics to a cautious supporter of some blockchain-based applied sciences.
In 2017, he referred to as Bitcoin a “fraud” and mentioned, “you’ll be able to’t have a enterprise the place individuals can invent a foreign money out of skinny air.”
He mentioned he thought Bitcoin was “worse than tulip bulbs,” (a reference to the crash of the speculative Dutch tulip market within the seventeenth century), and acknowledged he would fireplace any JPMorgan dealer shopping for or promoting crypto.
In 2018, he described Bitcoin as “ineffective as a pet rock,” criticized its use in illicit actions however acknowledged that blockchain expertise might have worth.
On the World Financial Discussion board in January 2024, Dimon mentioned, “Bitcoin does nothing” and has “no intrinsic worth.”
As not too long ago as January 2025, Dimon repeated considerations about Bitcoin being utilized by “intercourse traffickers, cash launderers, ransomware,” whereas reaffirming the potential of blockchain purposes.
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JPMorgan groups up with Coinbase
Dimon’s evolving stance might increase eyebrows, however the financial institution’s rising involvement in crypto suggests the shift was solely a matter of time.
On Wednesday, JPMorgan introduced a partnership with Coinbase to increase crypto integrations for its prospects. Starting this fall, Chase bank card holders should buy digital belongings immediately by Coinbase. As well as, prospects can redeem Chase Final Rewards factors for USDC (USDC).
Earlier this month, the Monetary Occasions, citing an nameless supply, reported that JPMorgan is exploring providing direct loans backed by Bitcoin as collateral, with a possible rollout as early as 2026.
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