Once one of crypto’s loudest critics, Jamie Dimon now says he’s a “believer” in stablecoins as JPMorgan deepens its push into digital assets.
JPMorgan CEO Jamie Dimon appeared to moderate his long-held skepticism toward digital assets in a CNBC interview Tuesday morning, saying he’s now “a believer in stablecoins” and sees value in blockchain technology.
During the interview, Dimon suggested JPMorgan’s shift toward crypto is being driven by customer demand, not conviction. “We’re going to accommodate… It’s what the customer wants, not what JPMorgan wants,” he said, adding that all new financial products come with risk: “There’s never been a new financial product that didn’t entail risk.”
JPMorgan has been sharply expanding its footprint in crypto. Dimon confirmed in mid‑July 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.”
Dimon’s comments mark the latest turn in a years-long evolution that has seen him go from one of crypto’s harshest critics to a cautious supporter of some blockchain-based technologies.
In 2017, he called Bitcoin a “fraud” and said, “you can’t 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
Dimon’s evolving stance may raise eyebrows, but the bank’s 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 (USDC).
