In an interview with CNBC on Tuesday morning, JPMorgan CEO Jamie Dimon seemed to downplay his long-standing skepticism about digital assets, stating that he is now "a believer in stablecoins" and sees value in blockchain technology.
In the interview, Dimon suggested that JPMorgan's pivot to cryptocurrency is driven by customer demand, not by belief. "We will respond... That's what customers want, not what JPMorgan wants," he said, adding that all new financial products come with risks: "There has never been a new financial product that did not come with risks."
JPMorgan has been and continues to significantly expand its footprint in the cryptocurrency space. Dimon confirmed in mid-July that the bank plans to enter the field by issuing deposit coins and broader stablecoins to "understand and master".
Summary of Jamie Dimon's Biography on Cryptocurrency
Dimon's comments mark the latest turning point in a years-long evolution, witnessing him shift from one of the most vocal critics of cryptocurrency to a cautious supporter of some blockchain-based technologies.
In 2017, he called Bitcoin a "fraud" and said that "you cannot have a business where people can invent their own currency."
He said he thinks Bitcoin is "worse than tulip bulbs" (referring to the collapse of the Dutch tulip mania in the 17th century) and claimed he would fire any JPMorgan trader who buys or sells cryptocurrency.
In 2018, he described Bitcoin as "useless as a pet," criticizing its use in illegal activities but acknowledging that blockchain technology could have value.
At the World Economic Forum in January 2024, Dimon stated, "Bitcoin has no utility" and "has no intrinsic value."
Recently in January 2025, Dimon has repeatedly expressed concerns about Bitcoin being used by "sex traffickers, money launderers, ransomware software," while reaffirming the potential of blockchain applications.
JPMorgan Partners With Coinbase
Dimon's shifting stance may come as a surprise, but the bank's increasing involvement in cryptocurrency suggests that this change is just a matter of time.
On Wednesday, JPMorgan announced a partnership with Coinbase to expand cryptocurrency integration for customers. Starting this fall, Chase credit cardholders will be able to purchase digital assets directly through Coinbase. Additionally, customers can exchange Chase Ultimate Rewards points for USDC (USDC).
Earlier this month, the Financial Times, citing an anonymous source, reported that JPMorgan is exploring offering direct loans backed by Bitcoin as collateral, with the earliest possible deployment being in 2026.