Jamie Dimon’s JPMorgan Embraces Crypto: BTC and ETH to Be Used as Collateral (Report)
After years of bashing and criticizing bitcoin and the remainder of the cryptocurrency market, Jamie Dimon’s JPMorgan Chase & Co. seems much more optimistic towards the trade, and the most recent push will reportedly enable institutional purchasers to use BTC and ETH as collateral for loans.
The Bloomberg report indicated that the crypto-related program might be supplied globally and will depend on a third-party custodian to safeguard the property.
Recall that such speculations first emerged earlier this summer season when the Financial Times revealed the initiative may launch in 2026. However, these rumors have been met with vital doubt, given Dimon’s earlier stance in opposition to the trade.
The CEO has a wealthy historical past of criticising the biggest cryptocurrency by market cap. Some of his most colourful categorizations embody calling bitcoin a “decentralized Ponzi scheme” and alleging that solely criminals use it.
However, his stance softened previously few years, particularly since Donald Trump’s presidential election victory in late 2024 and the following regulatory change within the nation. Although he remained a skeptic, Dimon said he would defend individuals’s proper to purchase bitcoin.
JPMorgan is much from the primary big US banking establishment to be a part of the cryptocurrency craze. Morgan Stanley and BNY Mellon have been lively members for a very long time, whereas different former naysayers like Standard Chartered have step by step modified their public views as nicely in recent times.
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