JPMorgan CEO Jamie Dimon seemed to moderate his longtime skepticism towards digital assets in a CNBC interview on Tuesday morning, saying that he is now “a believer with stablecoins” and sees the value of blockchain technology.
During the interview, Dimon suggested that the change from JPMorgan to the crypto is motivated by customer demand, not on conviction. “We are going to welcome … This is what the customer wants, not what JPMorgan wants,” he said, adding that all new financial products include risks: “There has never been new financial product that did not involve risks.”
JPMorgan has widely widened its crypto imprint. Dimon confirmed in mid-July that the bank planned to participate in the space with its deposit room and the wider program of Stablecoin to “understand it and be good in this area”.
A brief story of Jamie Dimon on Crypto
Dimon’s comments mark the last round in an evolution of several years which saw him pass from one of the hardest critics of crypto to a careful supporter of certain technologies based on blockchain.
In 2017, he described Bitcoin as “fraud” and said: “You cannot have a business where people can invent a thin currency.”
He said he thought Bitcoin was “worse than tulip bulbs” (a reference to the speculative Dutch tulip market accident in the 17th century), and said that he would dismiss any JPMorgan trader buying or selling crypto.
https://www.youtube.com/watch?v=ry9mi57pbjs
In 2018, he described Bitcoin as “useless as a pet rock,” criticized his use in illicit activities but recognized that blockchain technology could have a value.
During the World Economic Forum in January 2024, Dimon said: “Bitcoin does nothing” and has “no intrinsic value”.
No later than January 2025, Dimon repeated the concerns about the bitcoin used by “sex traffickers, money launders, ransomware”, while reaffirming the potential of blockchain applications.
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JPMorgan teams up with Coinbase
The evolutionary position of Dimon can lift the eyebrows, but the growing participation of the bank in the crypto suggests that change was only a matter of time.
On Wednesday, JPMorgan announced a partnership with Coinbase to extend cryptographic integrations for its customers. From this fall, Chase credit card holders can buy digital active ingredients directly via Coinbase. In addition, customers can exchange Chase Ultimate Rewards Points for USDC (USDC).
Earlier this month, the Financial timeQuoting an anonymous source, JPMorgan explores the supply of direct loans supported by Bitcoin as a guarantee, with a potential deployment from 2026.
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