Jamie Dimon, once one of the harshest critics of cryptocurrency, is now signaling a shift in his stance. The JPMorgan CEO, long known for his skepticism, recently said he is a “believer in stablecoins” and sees value in blockchain technology as the bank deepens its presence in the digital asset space.
Dimon Moderates His Crypto Criticism
In a Tuesday morning interview with CNBC, Dimon acknowledged that JPMorgan’s growing interest in crypto is largely customer-driven.
“We’re going to accommodate… It’s what the customer wants, not what JPMorgan wants,” Dimon said. He also reminded that every new financial product comes with inherent risk, adding, “There’s never been a new financial product that didn’t entail risk.”
This statement comes as JPMorgan actively expands its footprint in digital finance. The bank recently confirmed plans to launch a deposit coin and broader stablecoin issuance to better understand and operate in the crypto market.
From Calling Bitcoin a Fraud to Backing Blockchain
Dimon’s shift marks a dramatic evolution from his earlier views.
- 2017: He infamously called Bitcoin a “fraud,” comparing it to the Dutch tulip bubble and even threatened to fire JPMorgan traders dealing in crypto.
- 2018: Dimon dismissed Bitcoin as “useless as a pet rock” but cautiously acknowledged the potential of blockchain technology.
- 2024: Speaking at the World Economic Forum, he said Bitcoin has “no intrinsic value” and “does nothing.”
- January 2025: He repeated concerns about Bitcoin’s association with illicit activity, including money laundering and ransomware, while reiterating blockchain’s long-term potential.
Today, however, Dimon’s acknowledgment of stablecoins like USDC reflects a clear softening of his stance, aligning JPMorgan more closely with the growing wave of institutional crypto adoption.
JPMorgan Partners with Coinbase to Expand Crypto Access
JPMorgan’s actions now reflect its shift from skepticism to strategic involvement. On Wednesday, the bank announced a new partnership with Coinbase aimed at integrating crypto services for its customers.
Starting this fall:
- Chase credit card holders will be able to purchase digital assets directly via Coinbase.
- Chase Ultimate Rewards points can be redeemed for USDC stablecoin, signaling confidence in the tokenized asset ecosystem.
In addition, a Financial Times report earlier this month revealed that JPMorgan is considering Bitcoin-backed loans as early as 2026, a move that could further bridge traditional banking and digital asset markets.
The Road Ahead for JPMorgan in Digital Assets
While Dimon remains wary of Bitcoin itself, his public endorsement of stablecoins and blockchain signals a new chapter for JPMorgan’s crypto strategy. The bank’s collaborations with Coinbase and exploration of tokenized lending highlight how traditional finance is adapting to rising crypto demand—even from its most vocal skeptics.
