JPMorgan CEO Jamie Dimon suggested a moderation in his longstanding skepticism toward digital assets during a CNBC interview Tuesday morning. While still expressing caution, Dimon stated he is now “a believer in stablecoins” and acknowledged the value of blockchain technology.
The CEO attributed JPMorgan’s engagement in cryptocurrency to customer demand, stating the bank “accommodates” requests. He emphasized the inherent risks of new financial products, noting, “There’s never been a new financial product that didn’t entail risk.”
JPMorgan has significantly expanded its digital assets footprint. Dimon confirmed in mid-July the bank plans to release deposit coins and broader stablecoin offerings to “understand it and be good at it.”
A Brief History of Jamie Dimon’s Comments on Crypto
Dimon’s remarks represent a shift from decades of harsh criticism to cautious support for blockchain applications.
In 2017, Dimon called Bitcoin a “fraud” and dismissed the idea of an independently invented currency, even suggesting firing traders dealing in crypto.
He later compared Bitcoin’s volatility to tulip bulbs in 2018 and described it as “useless as a pet rock.” He has consistently highlighted risks, including facilitating illicit activities.
Despite recent comments, Dimon has repeatedly criticized Bitcoin in recent months for its potential use in “sex traffickers, money launderers, ransomware,” delivered at the World Economic Forum in January 2024.
JPMorgan Partners with Coinbase
The evolution in Dimon’s stance aligns with JPMorgan’s increasing financial involvement in the crypto space.
On Wednesday, JPMorgan announced a partnership with Coinbase. Starting this fall, Chase credit card holders will be able to purchase digital assets directly via Coinbase. Customers with Chase Ultimate Rewards points can also redeem them for USDC.
Separately, earlier this month the Financial Times reported (citing an anonymous source) that JPMorgan is exploring lending services directly backed by Bitcoin collateral, potentially launching as early as 2026.
