A few months after calling Bitcoin “as useless as a rock,” Jamie Dimon changes course: now the CEO of JPMorgan declares himself a supporter of stablecoin and blockchain technology, marking a turning point in the approach of traditional banks to cryptocurrencies.
Why has Jamie Dimon changed his mind about stablecoins?
Dimon was among the most outspoken critics of the crypto world. In 2017, he compared the boom of digital currencies to the tulip bubble and threatened dismissals for anyone at JPMorgan who dared to trade them.
However, Tuesday morning there is a turning point: during an interview with CNBC, he declares seeing value in blockchain and being a “supporter” of stablecoin, emphasizing how the bank is not driven by personal convictions, but only by the needs of the clients.
What is JPMorgan really doing in the crypto sector?
After years of resistance, JPMorgan accelerates in the world of cryptocurrencies. Just yesterday, it announced a partnership with Coinbase to enable the integration of Chase cards to purchase digital assets and convert reward points into USDC (stablecoin pegged to the US dollar). Additionally, Dimon’s bank has already initiated the issuance of deposit money on blockchain, a digital asset that allows for instant exchanges and settlements within its network.
What is a stablecoin and why are banks interested?
A stablecoin is a cryptocurrency whose value is pegged to a traditional currency like the dollar, thus reducing volatility. Banks see stablecoins as useful tools for fast and secure transfers, as well as for retaining customers interested in innovative financial services.
What concrete news is coming from JPMorgan?
In addition to the collaboration with Coinbase, JPMorgan is exploring one of the most innovative options in the sector: the offering of loans secured by Bitcoin. According to banking sources, the service could start as early as 2026, thus expanding the range of crypto products accessible to the bank’s institutional and retail clients.
This means that those who own Bitcoin will be able to receive financing by offering their asset as collateral, a solution that until a few months ago would have been unimaginable for a bank like JPMorgan, historically averse to crypto risk.
How can Dimon’s past criticisms of Bitcoin be explained?
The past of Dimon speaks for itself: in 2017 he stated that “Bitcoin is a fraud”, in 2018 he called it useless, and in January 2024 he reiterated that “Bitcoin does nothing”. More recently, in January 2025, he added that “it only serves traffickers and criminals”. However, even in his criticisms, he has never closed the door to the potential of blockchain and its applications in the real world.
The current change of course demonstrates how it is the market demand that imposes concrete choices, leaving ideology aside. JPMorgan states that it acts in response to its clients, who request services related to digital assets.
What are the prospects for the banking and crypto sectors?
The new opening of JPMorgan risks generating a domino effect among other major banks: the blockchain could become the true link between traditional finance and new digital technologies. In particular, stablecoin and services like Bitcoin-backed lending could redefine not only banking business models but also the relationship between institutions and the crypto world.
The collaboration with decisive players like Coinbase indicates that the contamination between worlds will be increasingly fast and deep.
What risks and opportunities emerge from the “Trump Effect” on crypto?
The so-called “Trump Effect” is influencing the institutional approach to crypto, accelerating openness, pursuit of innovation, and regulatory pressure. In this context, banks that until recently were dismissive or critical of the phenomenon are now adopting strategies to integrate digital assets and capitalize on the growing demand for crypto-friendly services.
Watch out for the risks, though: the possibility of bank products guaranteed by Bitcoin involves new liquidity and regulatory risks that are not yet entirely clear.
What happens now: following the evolution of the relationship between banks and crypto
The trend reversal of Jamie Dimon perhaps marks the end of mainstream hostility towards cryptocurrencies. With strategic partnerships, integrated stablecoins, and innovative services on the horizon, JPMorgan positions itself to lead the “bridge” between traditional finance and the digital revolution.
However, everything can change quickly: the reaction of the markets, the choices of other major banks, and regulatory developments could further accelerate or slow down this process. Follow the community and stay updated: the future of stablecoin, Bitcoin, and decentralized finance has just begun.
