Binance co-founder Changpeng Zhao reacted to the changing tone of JPMorgan CEO Jamie Dimon, as he shared that the bank would offer Bitcoin and crypto services.
Dimon shared on live television on Thursday that he is a fan of blockchain technology and stablecoins. While he still expressed slight skepticism towards Bitcoin, his comments suggest a gradual shift in sentiment towards the crypto sector.
Meanwhile, this caught the attention of Zhao, popularly known as CZ, who responded with “you will use crypto sooner or later.” Meanwhile, it remains unclear whether he directed his comment at Dimon or if it is one of his pro-crypto statements predicting widespread Bitcoin adoption.
JPMorgan to Offer Bitcoin and Crypto Services: CEO
Dimon told CNBC that JPMorgan would venture into stablecoins, a plan the firm had earlier disclosed. This builds on his earlier statement that JPMorgan will offer Bitcoin and crypto services to its customers.
Notably, JPMorgan has increasingly exposed itself to the digital asset industry lately, a strategy to tap into the promising sector. For context, the $4 trillion financial institution announced a partnership with Coinbase on July 30 to allow clients to link their bank accounts directly with the Coinbase wallet.
This would also enable JPMorgan customers to fund their Coinbase wallets directly from the bank and use their Chase credit cards on the trading platform. Per the announcement, the former will start in 2026, while the latter will debut in the fall of this year.
Remarkably, Dimon had also disclosed in May that its customers will soon be able to buy Bitcoin. However, he noted that JPMorgan will not provide custody services for the digital assets.
Stablecoins Have Some Upside Over Traditional Cash
The JPMorgan CEO reiterated his support for stablecoins yesterday, stating that he believes in the digital currency and blockchain technology as a whole. He compared stablecoins to mutual funds, noting that both could share similar rules.
Furthermore, Dimon highlighted that stablecoins may have some advantages over fiat, as they offer certain utilities that their traditional counterpart doesn’t. He noted that it is “programmable” and allows for automated transactions.
Nonetheless, he reaffirmed that he is not a personal believer in Bitcoin but noted that JPMorgan will “accommodate those things.” The CEO emphasized that the company’s focus is on servicing its customers over its personal preferences.
Notably, Dimon has been a long-standing Bitcoin skeptic. He once called Bitcoin a “fraud” and a “decentralized Ponzi scheme” and even asked for the shutdown of the crypto industry in 2023.
A core fuel for this antagonism is his belief that Bitcoin supports illegal activities like money laundering and sex trafficking. However, Bitcoin has thrived regardless, with its widespread adoption forcing Dimon’s hand to allow customers exposure.
Moreover, Dimon’s stablecoin acceptance echoes that seen in the United States. Congress passed the GENIUS Act on July 17, with Donald Trump signing the legislation a day later.
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