JPMorgan CEO Jamie Dimon suddenly "turned" to support Crypto Assets!

Jamie Dimon, the CEO of the largest bank in the United States, JPMorgan Chase, unexpectedly expressed a more open stance on digital assets during a CNBC interview on Tuesday morning. He stated, "I believe in stablecoins," and acknowledged that Blockchain is a valuable technology. This statement has attracted widespread attention in the market, as Dimon has been one of the fiercest critics of Crypto Assets in the past. His "big shift" not only reflects the changing attitude of TradFi giants towards Crypto Assets but also reveals the key role of customer demand in driving financial innovation.

Dimon's "Big Shift": From "Scam" to "Customer Demand"

Dimon's new statement marks a significant shift compared to previous years—when he was one of the fiercest critics of Crypto Assets:

2017

Call Bitcoin a "scam" and claim that "it is impossible to establish a monetary financial system created out of thin air."

2018

He called Bitcoin "useless like a pet rock" and criticized its use for illegal activities. However, he also acknowledged the potential of Blockchain technology.

2024

At the World Economic Forum, he said: "Bitcoin does nothing" and "has no intrinsic value."

Early 2025

Continue to criticize Bitcoin for being abused by "human traffickers, money launderers, and ransomware extortionists," but still acknowledge the potential of Blockchain applications.

Now, Dimon stated that JPMorgan's shift to Crypto Assets is driven by client demand, not internal belief: "We will respond... because this is what clients want, not what JPMorgan wants," he said, emphasizing that every new financial product carries risks: "There has never been a new financial product that does not carry risks."

JPMorgan expands its Crypto Assets business layout

Dimon confirmed in mid-July that JPMorgan is actively developing a "deposit coin" product (a form of the bank's own stablecoin) to better understand the industry and enhance its competitiveness.

In fact, JPMorgan has been steadily expanding its involvement in the Crypto Assets space. On Wednesday, the bank announced a partnership with a well-known Crypto Assets service provider to enhance its clients' digital currency integration. Starting this fall, Chase credit card holders will be able to purchase Crypto Assets directly through the service provider. Additionally, Chase Ultimate Rewards points can be redeemed for the stablecoin USDC.

Previously, the Financial Times reported that JPMorgan is considering offering lending services directly backed by Bitcoin, with the possibility of launching as early as 2026.

Conclusion

Jamie Dimon's "big shift" is not only a change in his personal attitude but also a reflection of how traditional financial giants are gradually embracing Crypto Assets driven by customer demand and market trends. JPMorgan's active layout in stablecoins, Blockchain technology, and Bitcoin-related services indicates that the integration of TradFi and Crypto Assets will further accelerate.