Jamie Dimon, CEO of JPMorgan, seems to be softening his previously critical stance on digital currencies. In a recent interview on CNBC Tuesday morning, he stated that he now “believes in stablecoins” and recognizes the potential of blockchain technology.
During the discussion, Dimon indicated that JPMorgan’s increased involvement with cryptocurrency is primarily due to client demand, rather than an internal strategic shift. He explained, “We’re going to accommodate… It’s driven by customer preference, not by JPMorgan’s desire.” He also noted that all new financial products involve inherent risks, saying, “Innovation in finance always comes with some level of risk.”
JPMorgan has been actively expanding its participation in the crypto market. In mid-July, Dimon confirmed the bank’s plans to engage with the space using its own deposit coin and broader stablecoin offerings, with the goal to “understand it thoroughly and excel in it.”
A Look Back at Jamie Dimon’s Crypto Views
Dimon’s remarks represent the most recent evolution in his perspective on crypto, a transformation that has taken him from being a staunch opponent to cautiously supportive of certain technologies built on blockchain.
Back in 2017, he famously labeled Bitcoin a “fraud,” arguing that “you can’t establish a business model where individuals can create currency out of nothing.”
He went on to suggest that Bitcoin was “worse than tulip bulbs,” referencing the historical bubble and subsequent crash of the Dutch tulip market in the 17th century. He also stated that he would immediately dismiss any JPMorgan trader caught buying or selling crypto assets.
In 2018, Dimon described Bitcoin as “as useful as a pet rock,” and while criticizing its potential for facilitating illegal activities, he did acknowledge that blockchain technology had promise.
Speaking at the World Economic Forum held in January 2024, Dimon stated that “Bitcoin achieves nothing” and possesses “no intrinsic worth.”
More recently, in January 2025, Dimon reiterated his worries about Bitcoin being utilized by “sex offenders, money launderers, and ransomware perpetrators,” all while reaffirming the potential utility of blockchain technologies.
Related: SEC Investigates Ethereum Token Standard for Regulatory Compliance
JPMorgan and Coinbase Partner Up
The shift in Dimon’s perspective may be surprising to some, but JPMorgan’s increasing involvement in the crypto industry suggests that this development was inevitable.
On Wednesday, JPMorgan unveiled a collaboration with Coinbase aimed at expanding crypto integration for their clientele. Starting this fall, Chase credit card holders will have the ability to acquire digital currencies directly through Coinbase. Moreover, customers will be able to exchange their Chase Ultimate Rewards points for USDC (USDC).
Earlier this month, the Financial Times, relying on information from a source who wished to remain anonymous, reported that JPMorgan is considering offering direct loans secured by Bitcoin as collateral, possibly starting as early as 2026.
Feature: How Global Cryptocurrency Regulations are Evolving in 2025