JPMorgan CEO's Crypto Dichotomy: Stablecoins Are All the rage, Bitcoin Still Far Behind
On July 30, JPMorgan Chase CEO Jamie Dimon announced a new partnership with Coinbase to help more people access cryptocurrencies. He said the goal is to make it easier for Chase customers to use digital currencies and stablecoins.
In a recent interview with CNBC , Dimon expressed a strong interest in stablecoins and blockchain. When asked about the risks involved for Chase customers trading stablecoins with Coinbase, he said there is no financial product that is risk-free.
“I believe in stablecoins. I believe in blockchain. I personally don't believe in Bitcoin,” Dimon added.
He also clarified that Chase’s involvement in cryptocurrencies, particularly with stablecoins and blockchain-based products, is largely driven by customer demand and not the company’s own personal interests.
“If the customer wants to use it, and how they want to use it, and use it properly, we will do it,” Dimon added. “That's what the customer wants. That's not what JPMorgan wants.”
From Crypto Critic to Stablecoin Believer
Dimon has been a vocal critic of digital assets, especially Bitcoin, over the years. In 2017, he even called Bitcoin a “fraud.” He reiterated his claims that Bitcoin is dangerous, has no intrinsic value, and is used for criminal activities.
However, his recent moves in the cryptocurrency space have confirmed that Dimon’s stance on digital assets, especially stablecoins and blockchain-based products, has changed significantly. He also acknowledged the legitimacy of blockchain technology and emphasized its practical applications in financial services and recordkeeping.
While he remains skeptical of Bitcoin, he is not explicitly against the cryptocurrency that is clearly regulated and serves a simple purpose.
The new partnership between Chase and Coinbase allows customers to securely connect their bank accounts to Coinbase wallets through JPMorgan's secure API system. The move also shows Dimon's growing support for cryptocurrencies.