JPMorgan Chase is reportedly exploring the possibility of offering crypto-backed loans, marking a potential shift in how major U.S. banks view digital assets.
According to the Financial Times on Tuesday, citing unnamed sources, JPMorgan may begin lending directly against cryptocurrencies such as Bitcoin and Ether. The initiative could launch as early as 2026, though plans remain tentative and subject to change.
This development follows recent signals from the bank indicating a growing interest in stablecoins. During a July 15 earnings call, JPMorgan CEO Jamie Dimon stated that the bank intends to engage with stablecoins to “understand it” and “be good at it.”
Dimon’s comments came shortly after rival Citigroup revealed its own stablecoin ambitions. In a post-earnings call, Citigroup CEO Jane Fraser said the bank is exploring the issuance of a stablecoin for payment use.
JPMorgan CEO signals a more open stance on crypto
In the past, JPMorgan CEO Jamie Dimon was known for his strong criticism of cryptocurrencies. In 2017, he famously called Bitcoin a “fraud” during a company meeting and said he would fire any employee trading it on the bank’s accounts. A year later, he doubled down, labeling crypto a “scam” and expressing no interest in the sector.
Dimon maintained his skeptical stance in 2022, describing digital assets as “decentralized Ponzi schemes.” However, he acknowledged the value of underlying technologies such as blockchain, decentralized finance (DeFi), smart contracts, and utility-driven tokens.
According to the Financial Times, an unnamed source said Dimon’s harsh rhetoric had distanced JPMorgan from potential clients who had earned wealth through crypto or were strong believers in the space.
Recently, however, Dimon has moderated his tone. He has expressed support for individual choice in buying Bitcoin, even if he remains personally skeptical.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon said on May 19, adding that JPMorgan would permit clients to purchase Bitcoin—though the bank itself would not custody the asset.
