Jamie Dimon used to approach crypto with skepticism and disdain. He seems to have changed his view.
Even Jamie Dimon, Bitcoin’s Top Banker Critic, No Longer Talks Down Crypto
29 July 2025 - 15:34 CEST
In 2017, while speaking at a conference in New York, the JPMorgan chief famously labeled Bitcoin a “fraud” and warned that any trader caught dealing in it would be fired.
These were big words coming from the CEO of the world’s largest lender by market capitalization. The price of Bitcoin dropped 2% to about $4,100 after his speech: it was still very much an asset on the fringe. Dimon also said:
“Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up."
Wrong prediction
As we know now, he was wrong about the ceiling. Bitcoin would go on to hit a high of more than $123,000 and Satoshi Nakamoto’s baby would increasingly become accepted as a mainstay in global finance.
Dimon held on to his views for years. In December 2023, during a US Senate hearing, he reiterated his deep mistrust of crypto, telling lawmakers: “If I were the government, I’d close it down,” citing its use in illicit finance.
At that time, neither main party had a clear majority in the Senate, with four independents holding sway. It wasn’t challenging the Biden administration’s cautious approach to regulating the crypto sector, seeking to balance development with investor protection, in stark contrast to the incumbent president’s absolute support for cryptocurrencies.
A career in finance
Dimon was born in 1956 in New York City and has spent his entire career in finance. He was appointed CEO of JPMorgan Chase & Co. in 2006, and Chairman of the Board a year later, cementing his role as one of the key figures in the firm’s 225-year history.
Revered predecessor John Pierpont Morgan, the bank’s founder, rose to prominence for his role in stabilizing the financial system during crises in the late 19th and early 20th century.
Tackling scandals
Did Dimon see it as his responsibility to suppress the rise of scandal-ridden crypto because of the failings in its earlier years?
With incidents such as the OneCoin Ponzi scheme, the Terra/Luna algorithmic collapse, improper risk management from the Celsius network, or fraud and misuse of customer funds as with FTX, it’s not hard to find scandal in the crypto world. And it’s not hard to see how a traditional finance leader would be skeptical and hesitant to embrace the new alternative options in the financial world.
A telling point from that 2017 speech in New York was Dimon comparing cryptocurrencies to the 17th century tulip bubble. Like many in the traditional finance world, he has an inbuilt bias against investments that are not backed by assets.
Cautious change
So, it’s commendable that JPMorgan has taken a cautious approach to integrating the latest commercial applications to new technologies, especially when regulation takes longer to formulate than the client-facing product.
In 2019, the bank began offering JPM Coin, a dollar-backed token designed to facilitate institutional client transactions on its own blockchain. Within four years, the coin was used for $1 billion of dollar and euro-denominated transactions every day.
That was followed by a trickle of corporate digital initiatives which the company positioned more as an exploration than a strategic shift. Despite Dimon’s public concerns, JPMorgan has quietly moved into blockchain-based infrastructure and is easing itself into tokenization of real-world assets, crypto-backed investment products and custody solutions.
Softening stance
Only in 2025, after Trump began his second term by appointing crypto enthusiasts to head the federal securities and commodities regulators and declaring the country should become the “crypto capital of the world”, did Dimon publicly begin to soften his crypto stance. Digital assets were becoming increasingly embedded in the financial system and institutional cash flowed into crypto.
At JPMorgan’s annual investor day in May 2025, Dimon announced that the bank would begin allowing clients to buy Bitcoin, while qualifying that JPMorgan itself would not custody the asset
“I defend your right to buy Bitcoin”
“I defend your right to buy Bitcoin,” he said, likening the decision to buy crypto to buying cigarettes. “I don’t think you should smoke, but I defend your right to smoke.”
It was a poignant analogy since Dimon himself is a throat cancer survivor.
Stablecoin sceptic
During a 15 July earnings call, he conceded that stablecoins have real-world utility, stating, “I think they’re real, but I don’t know why you’d want a stablecoin as opposed to just payment.”
Dimon’s slow acceptance of crypto reflects more than just a personal evolution. It signals the industry-wide recognition that digital assets are no longer fringe.
Last year, for example, the US Securities Exchange Commission (SEC) approved spot Bitcoin ETFs in the US. And other major financial players like BlackRock, Fidelity and Goldman Sachs have started offering crypto-related products, such as ETFs, and trading desks. Crypto companies have gone public, notably Coinbase, an exchange, which is now listed on the S&P500. Digital currencies are increasingly becoming accepted forms of retail payment through the likes of Mastercard and PayPal.
$4 trillion of crypto
With cryptocurrencies valued at a total market capitalization close to $4 trillion it’s becoming increasingly difficult for Dimon—who leads the nation’s largest bank—to ignore the shift.
His position as a figure in the investment banking industry in the US, who has been consulted by prominent lawmakers and regulatory leaders, makes it necessary for him to keep up to date. Furthermore, we know President Trump tends to turn on those who disagree with his course of action. Whatever his politics, it’s in the interest of Dimon and JPMorgan that he stays within Trump’s good graces.
What made Dimon change his mind?
As institutional demand grows, blockchain infrastructure matures, and regulatory clarity improves in Washington, major banks are being forced to adapt or risk falling behind. Citigroup, another US-based global bank, is considering issuing its own stablecoin and is focusing on tokenized deposits and crypto asset custody solutions, CEO Jane Fraser said in June.
If the competition offers crypto and blockchain based products, then JPMorgan needs to take them seriously to keep up. Importantly, it opens up new revenue streams and brings in customers.
Sandmark contacted JPMorgan’s press office for a discussion to inform this story. Should we receive a response, we will incorporate it in this article.
Dimon may remain wary, but his recent warming to the topic reflects a broader shift that no individual company needs to confirm – crypto is becoming a permanent fixture in global finance. And for traditional institutions, keeping pace is no longer optional. It is essential to meet the evolving expectations of clients in an increasingly digital economy.
