After years of criticism and skepticism directed at Bitcoin and the broader cryptocurrency market, JPMorgan Chase & Co., led by Jamie Dimon, is reportedly adopting a more positive stance towards the industry. The latest development is expected to allow institutional clients to use Bitcoin (BTC) and Ethereum (ETH) as collateral for loans.
A report from Bloomberg indicated that this new crypto-related program will be offered on a global scale and will utilize a third-party custodian for the secure safekeeping of the digital assets.
Background and Shifting Stance
Speculation surrounding this initiative first surfaced earlier in the summer when the Financial Times revealed that the program could potentially launch in 2026. However, these rumors were met with considerable doubt, largely due to Jamie Dimon's historically critical views on cryptocurrencies.
The CEO has a well-documented history of voicing strong opinions against the largest cryptocurrency by market capitalization. Among his notable characterizations, Dimon has referred to Bitcoin as a “decentralized Ponzi scheme” and has alleged that its primary users are criminals.
Despite his previous reservations, Dimon's perspective appears to have softened in recent years. This shift has been particularly noted following Donald Trump's presidential election victory in late 2024 and the subsequent changes in regulatory approaches within the country. While maintaining a degree of skepticism, Dimon has stated his commitment to defending individuals' right to purchase Bitcoin.
Industry Trend Towards Crypto Adoption
JPMorgan is not the first major U.S. banking institution to engage with the cryptocurrency space. Both Morgan Stanley and BNY Mellon have been active participants for an extended period. Furthermore, other institutions that were once vocal critics, such as Standard Chartered, have also gradually modified their public stances in recent years, reflecting a broader trend of evolving perspectives within the financial sector.