Jamie Dimon, CEO of JPMorgan Chase, one of the world’s largest banks, has backtracked on his years-long anti-Bitcoin and cryptocurrency stance.
The manager of the $4.6 trillion bank said in a live broadcast, “I was wrong, crypto is real.”
Dimon has previously described Bitcoin as a “gemstone” and argued that cryptocurrencies are tools for scammers and money launderers. However, in his latest statement, he stated that he has changed his view:
“I was once a crypto skeptic. But blockchain, stablecoins, smart contracts—these are all real. JPMorgan has its own digital coin, and these technologies will be used by all of us to enable better transactions and customer experiences.”
Dimon also argued that digital assets will become a permanent fixture in the financial world, stating that all major banks will use stablecoins in the future. JPMorgan already uses its blockchain-based digital payment system, dubbed “JPM Coin,” for corporate transactions.
JPMorgan brokers a large number of cryptocurrency transactions for major corporations, and this has long been known, including during Dimon’s anti-crypto era.
*This is not investment advice.