JPMorgan CEO Jamie Dimon, who once denigrated Bitcoin as 'a useless stone', is now leading this Wall Street giant in a 'frenzied bet' on crypto—from rejection to acceptance, from criticism to practical involvement, JPMorgan's shift is a classic case of the collision between traditional finance and the crypto market. As trillions of traditional capital flow in through compliant channels, the rules of the game in the crypto world are being rewritten.
I. JPMorgan's 'face-changing' triple strike
Bitcoin ETF collateral loans: Crypto assets achieve 'equal rights' for the first time
In the past, collateral required real estate or stocks; now JPMorgan opens Bitcoin spot ETFs as collateral, allowing high-end clients to 'borrow money without leverage'. The liquidity bottleneck of crypto assets is broken, and holders do not need to sell coins to finance.
JPMD deposit token: The bank version of 'stablecoin' enters the battlefield
Not following the trend of issuing unregulated stablecoins, JPMorgan launches JPMD, pegged to bank deposits, with real-time on-chain transfers and interest benefits. This avoids the risks of stablecoin failures while covertly seizing the on-chain payment market.
BTC/ETH Collateral Loans: Crypto assets become 'hard currency'
The plan for 2026: Customers can directly use Bitcoin and Ethereum as collateral to apply for loans. Dimon criticizes verbally, but his actions are quite honest—users borrow money with real coins, and banks earn interest without risk.
II. The 'Collusion' of Policy, Capital, and Regulation
Trump effect ignites expectations for regulatory easing
JPMorgan's report states: The market has not fully priced in the probability of Trump's victory, and his support for Bitcoin + financial deregulation will become a new catalyst for the crypto market. The (GENIUS Act) promoted by the Republican Party further gives the green light to stablecoins, and tech giants (Apple, Amazon) are ready to issue coins.
Global regulation shifts to 'tokenized deposits'
Central banks in the UK, Singapore, and others are cooling on stablecoins and instead promoting 'tokenized bank deposits'. The reason is straightforward: the lack of transparency in stablecoin reserves and their history of failures raise regulatory concerns, while tokenized deposits backed by banks are easier to integrate into traditional risk control systems.
Traditional institutions experience 'fear of missing out'
Eleven globally systemically important banks, including Standard Chartered and Societe Generale, have all entered the crypto space. As JPMorgan, this 'battleship', turns around, the entire traditional financial fleet is entering with overwhelming force.
III. New Crypto Ecosystem: A Blend of Opportunities and Risks
Short-term explosion point: $2 trillion in traditional funds entering the market through stablecoins, ETFs, etc.; Bitcoin hitting $100,000 is just a matter of time.
Collateral lending ecosystem upgrade: Institutional entry spurs 'crypto banks'; if on-chain protocols do not upgrade, they risk being siphoned off by traditional institutions. Real assets going on-chain become a new narrative: real estate and government bonds accelerate going on-chain, and JPMorgan's Kinexys will launch on-chain foreign exchange next year, with 24/7 instant settlement—DeFi and traditional finance are beginning to deeply integrate.
Long-term hidden concern of bank 'data control' backlash: JPMorgan charges platforms like Coinbase for customer data access fees; if this becomes a norm, the 'permissionless' spirit of DeFi may be undermined.
The internal war between stablecoins and bank tokens: Although USDT/USDC has huge trading volumes, if bank-backed tokens dominate payments, stablecoins may retreat to their crypto-native circles. Regulatory fragmentation leads to fragmented liquidity: Hong Kong's 'sandbox regulation' and US legislation are paving the way; differing policies across countries may complicate cross-chain trading, with DEX potentially becoming the biggest beneficiary.
IV. 'Redistribution of Interests' between Old Money and New Nobility
JPMorgan's shift is not a 'conscience awakening' but rather a recognition that the scale of the crypto market can no longer be ignored; refusing to enter means giving up on a trillion-dollar cake. Dimon's phrase 'I don't support Bitcoin, but I support your right to buy it' translates to: 'Criticism is fine, but money must be made.'
The future crypto world will be more fragmented, crazier, but also richer:
Retail investors are waiting for institutions to pull the market up; developers are rushing to build compliant bridges and RWA protocols to exploit policy benefits; traditional giants are simultaneously arbitraging compliance while absorbing on-chain liquidity with tokenized deposits.
The only certainty is that the crypto market is no longer a 'paradise for geeks and pirates'; it is becoming a 'battlefield' for old money and new nobility. Dimon's 'sudden change of heart' is just the starting whistle of this upheaval—prepare to welcome a more disruptive new era!
On-chain data reveals the truth:
JPMorgan's blockchain platform transaction volume has exceeded $1.5 trillion, with an average daily volume of $2 billion—this is not just testing the waters; it is clearly a 'heavy investment' clarion call.
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