Jamie Dimon’s JPMorgan Embraces Crypto: BTC and ETH Are Used as Collateral (Report)

The banking giant first came into contact with the idea earlier this year.

After years of bashing and criticizing Bitcoin and the rest of the cryptocurrency market, JPMorgan Chase & Co. by Jamie Dimon a lot more bullish on the sector, and the latest effort will reportedly allow institutional clients to use BTC and ETH as collateral for loans.

The Bloomberg report indicated that the crypto-related program will be offered globally and will rely on a third-party custodian to protect the assets.

Recall that such speculation first emerged earlier this summer when the Financial Times revealed that the initiative could launch in 2026. However, these rumors were met with significant doubt given Dimon’s previous stance against the industry.

The CEO has a rich history of criticizing the largest cryptocurrency by market cap. Some of his most colorful categorizations include him calling bitcoin a “decentralized Ponzi scheme” and claiming that only criminals use it.

However, his stance has softened in recent years, especially since Donald Trump’s victory in the presidential election in late 2024 and the subsequent regulatory change in the country. Although he remained a skeptic, Dimon said he would defend people’s right to buy bitcoin.

JPMorgan is far from the first major US banking institution to join the cryptocurrency craze. Morgan Stanley and BNY Mellon have long been active participants, while other former naysayers such as Standard Chartered have also gradually changed their public views in recent years.