JPMorgan Shifts From Skeptic to Supporter
In a striking reversal, JPMorgan Chase, the world’s largest bank, is preparing to launch Bitcoin- and Ethereum-backed loans for its clients. This marks a dramatic departure from CEO Jamie Dimon’s long-standing anti-crypto stance, including his infamous 2017 statement calling Bitcoin a “fraud.” Now, the bank is leaning into the very assets it once dismissed.
According to a Financial Times report, JPMorgan could begin offering these crypto-collateralized loans as early as 2026. The timing aligns closely with the recent enactment of the Market Structure Act (CLARITY Act), which has finally brought clear regulatory frameworks for digital assets in the U.S.
A source familiar with the bank’s strategy noted that Dimon’s earlier hostility toward crypto alienated potential clients, causing JPMorgan to lose business. With institutional conviction in BTC and ETH rising, and asset giants like BlackRock and Fidelity rolling out crypto products, JPMorgan now has little choice but to pivot.
Dimon Softens on Bitcoin
The CEO himself appears to be changing his tune. In May, Dimon acknowledged:
While not a full endorsement, the comment signaled a softening stance from one of the most vocal crypto critics on Wall Street. The internal shift seems motivated less by ideology and more by demand and competition. JPMorgan’s clients want access to crypto — and now, they’re going to get it.
Regulatory Winds Favor the Move
The White House’s upcoming Crypto Policy report, expected July 22, is also influencing the banking sector’s momentum. With a likely Trump-led administration signaling more favorable crypto regulations, banks like JPMorgan are preparing for lighter oversight and more room to innovate.
Other banks are also moving in. Morgan Stanley is reportedly looking to roll out crypto trading via its E*Trade platform, showing that Wall Street is fast shedding its fear of blockchain-based finance.
JPMorgan has already started testing the waters with loans backed by crypto ETFs. But the decision to go one step further — accepting BTC and ETH themselves as collateral — signals a deeper and more direct involvement in the crypto economy.
Stablecoins Also on the Table
JPMorgan’s crypto push doesn’t stop with collateralized loans. Insiders reveal that the bank is also exploring its own stablecoin offerings to challenge Tether and Circle, leveraging its institutional trust and infrastructure. The GENIUS stablecoin legislation, passed last week, offers the legal clarity needed to enter the space with confidence.
This stablecoin initiative could be a game changer, especially if it integrates directly with JPMorgan’s massive global payments network.
A New Era for Wall Street and Crypto
What began as harsh skepticism has turned into full-blown strategy. With Bitcoin and Ethereum now considered legitimate collateral, JPMorgan’s move reflects a broader transformation across traditional finance.
The bank’s evolving stance mirrors the growing view among institutions: crypto is no longer fringe — it’s future infrastructure. Whether driven by competition, customer demand, or regulation, JPMorgan’s 180° turn is a historic shift that could help push digital assets even further into the mainstream.
