From skeptic to supporter: JPMorgan CEO now a ‘believer’ in stablecoins, blockchain

JPMorgan CEO Jamie Dimon appeared to moderate his long-held skepticism toward digital assets in a CNBC interview Tuesday morning, 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 . 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.”

A brief history of Jamie Dimon on crypto

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 “,” (a reference to the crash of the speculative Dutch tulip market in the 17th century), and stated buying or selling crypto.

In 2018, he described Bitcoin as “,” criticized its use in illicit activities but acknowledged that blockchain technology could have value.

At the 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 .

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JPMorgan teams up with Coinbase

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 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 ().

Earlier this month, the Financial Times, citing an anonymous source, reported that JPMorgan is exploring offering direct as collateral, with a potential rollout as early as 2026.