JPMorgan CEO Jamie Dimon appeared to moderate his long-held skepticism toward digital assets in a CNBC interview Tuesday morning, saying hes now a believer in stablecoins and sees value in blockchain technology.
During the interview, Dimon suggested JPMorgans shift toward crypto is being driven by customer demand, not conviction. Were going to accommodate& Its what the customer wants, not what JPMorgan wants, he said, adding that all new financial products come with risk: Theres never been a new financial product that didnt entail risk.
JPMorgan has been sharply expanding its footprint in crypto. Dimon confirmed in midJuly that the bank plans to participate in the space with its deposit coin and broader stablecoin issuance to understand it and be good at it.
A brief history of Jamie Dimon on crypto
Dimons comments mark the latest turn in a years-long evolution that has seen him go from one of cryptos harshest critics to a cautious supporter of some blockchain-based technologies.
In 2017, he called Bitcoin a fraud and said, you cant have a business where people can invent a currency out of thin air.
He said he thought Bitcoin was worse than tulip bulbs, (a reference to the crash of the speculative Dutch tulip market in the 17th century), and stated he would fire any JPMorgan trader buying or selling crypto.
In 2018, he described Bitcoin as useless as a pet rock, criticized its use in illicit activities but acknowledged that blockchain technology could have value.
At the World Economic Forum in January 2024, Dimon said, Bitcoin does nothing and has no intrinsic value.
As recently as January 2025, Dimon repeated concerns about Bitcoin being used by sex traffickers, money launderers, ransomware, while reaffirming the potential of blockchain applications.
Related: SEC explores Ethereum token standard for compliant securities
JPMorgan teams up with Coinbase
Dimons evolving stance may raise eyebrows, but the banks growing involvement in crypto suggests the shift was only a matter of time.
On Wednesday, JPMorgan announced a partnership with Coinbase to expand crypto integrations for its customers. Beginning this fall, Chase credit card holders can purchase digital assets directly through Coinbase. In addition, customers can redeem Chase Ultimate Rewards points for 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 a potential rollout as early as 2026.
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