JP Morgan’s crypto journey has been a wild ride. Back in 2017 CEO Jamie Dimon was blasting Bitcoin as a “fraud” and “worse than tulip bulbs,” even threatening to fire traders who touched it . Fast forward to today, and JP Morgan is quietly embracing crypto – planning to let clients pledge Bitcoin and Ether as loan collateral, launching its own deposit tokens, and even setting up crypto trading desks. Below we break down this dramatic U-turn and what’s driving it:

TIMELINE OF CRYPTO STATEMENTS (2014–2025): JP Morgan’s stance flipped from hostile to hopeful over the years. The table below captures the major milestones and statements by Jamie Dimon and the bank:

Year/Date

Speaker / Event

Statement / Action

2014

Jamie Dimon (CNBC)

“It’s a terrible store of value… it doesn’t have the standing of a government.” (dim outlook on Bitcoin’s value)

Sep 2017

Jamie Dimon (Del. Alpha Conf)

“Bitcoin is a fraud” – called BTC “worse than tulip bulbs,” fit only for “drug dealers, murderers,” and warned he’d fire any JP Morgan trader caught trading it .

Oct 2017

JP Morgan launches Onyx blockchain

JP Morgan quietly kicked off its blockchain initiative (“Onyx”) for wholesale payments and settlements . (“God bless the blockchain,” Dimon said.)

Jan 2018

Jamie Dimon (Fox Business)

Dimon publicly regrets calling Bitcoin a fraud, admits “the blockchain is real,” but still urges caution .

Feb 2019

JP Morgan introduces JPM Coin

JP Morgan rolls out JPM Coin, a dollar-backed digital token on its own network for instant client payments .

2020–2022

JP Morgan Onyx/Kinexys grows

The Onyx blockchain network scales to process massive volumes (~$2B/day, $1.5T+ notional) in repo and tokenized securities trades .

Feb 2023

Jamie Dimon (Senate Hearing)

Dimon doubles down on skepticism: says Bitcoin’s “only true use case is criminals” and that “if I was the government, I’d close it down.” .

Jan 2024

US Regulators / Market

Even Wall Street’s shifting: SEC approves first US spot Bitcoin ETFs; firms like BlackRock and Fidelity file crypto funds. Bitcoin price surges ~60% in 12 months .

May 2024

Jamie Dimon (WEF Davos)

Dimon snarks at Bitcoin again, calling it a “pet rock” “that does nothing,” while claiming he’s done talking about it .

Jun 2025

JP Morgan / Coinbase Base

JP Morgan’s Kinexys unit launches JPMD, a USD deposit token on Coinbase’s Base blockchain – a permissioned alternative to stablecoins .

Oct 2025

Bloomberg report / JP Morgan

Breaking: JPMorgan to let clients use Bitcoin & Ether as collateral for loans by year-end, via third-party custody . Also announces plans for institutional crypto trading (no direct custody) .

WHAT SPARKED THE FLIP?  The reasons behind this turnaround are multi-faceted. In short, the world changed around crypto. By 2024–25, Bitcoin’s value and legitimacy had soared (even JPMorgan’s own analysts project $100K+ prices ), regulators approved spot-ETF vehicles, and clients DEMANDED exposure. Wall Street saw peers like Morgan Stanley, Fidelity and State Street jump into crypto products, and the SEC greenlit Bitcoin ETFs in January 2024 . In this environment of regulatory clarity and booming markets, JP Morgan couldn’t stay on the sidelines. As one analyst put it, “what changed was not Bitcoin itself, but the infrastructure around it – regulated custodians, ETFs, clearer regs, and client demand that banks could no longer ignore” . In other words, safer crypto on-ramps and institutional demand lured the skeptics. JP Morgan’s own blockchain experiments – from JPM Coin to the Onyx/Kinexys platform (handling billions daily) – also proved the tech’s value to its business. Economically, crypto was simply too big to ignore, and JPMorgan saw new revenue in facilitating crypto lending, trading and tokenized payments.

JPMORGAN’S CURRENT CRYPTO STANCE: Today, JP Morgan’s official line is one of cautious embrace. The bank is positioning itself to serve client demand without throwing caution to the wind. Jamie Dimon still expresses wariness – he famously said he’d “defend your right to buy bitcoin” but remains personally unconvinced by crypto’s promise – yet the institution is building out crypto services. JPMorgan has announced it will let clients use Bitcoin and Ether as collateral on loans (with assets held by third-party custodians) . It plans to offer crypto trading services for institutional clients, though it’s outsourcing custody to specialists . Internally, JP Morgan launched Kinexys (formerly Onyx) as its blockchain arm, and even piloted JPMD, a bank-issued deposit token on a public chain . In short, JP Morgan is integrating crypto into its products: facilitating credit lines against crypto, trading desks for digital assets, and multi-bank blockchain networks. But it avoids outright crypto gambling or holding tokens on its balance sheet. This measured approach reflects Dimon’s stance that banks should protect clients (“defend your right”) but also manage risks closely .

CRYPTO PRODUCTS & INNOVATIONS @ JP MORGAN:  As part of the shift, JP Morgan has deployed several crypto/blockchain platforms:

Product / Service

Launch & Role

Notes & Source

JPM Coin (2019)

A USD-backed stablecoin for instant institutional payments.

Used internally by large clients; handles ~$1 billion/day in transaction value .

Onyx/Kinexys Blockchain Network

Platform (launched 2020, rebranded 2024) for 24/7 FX, repo trades & tokenized assets.

Processes ~$1.5 trillion notional, ~$2 billion/day ; used for cross-border payments and repo settlements.

JPMD Deposit Token (2025)

USD deposit token on Coinbase’s Base (Ethereum L2) network.

A permissioned bank deposit token, pitched as a stablecoin alternative with bank-grade security .

Crypto Collateral Program (2025)

Allows clients to use BTC/ETH as loan collateral via third-party custody.

Extends JPM’s June move to accept crypto ETFs as collateral . Represents a major integration into lending.

Crypto Trading Desk (2025)

Institutional trading access for Bitcoin, Ether, etc. (no custody).

Announced by JP Morgan’s digital assets group ; lets clients buy/sell via JPMorgan networks.

Custody Partnerships

Outsourced crypto custody (e.g. Coinbase, BitGo, Fidelity).

JPMorgan partners to secure client assets , avoiding the risk of holding keys.

Crypto Research & Services

Reports and advisories on digital assets (research) and token-based solutions (Onyx repo platform, tokenized collateral network) .

Insights guiding strategy; also offers tokenized collateral management .

CONTRADICTIONS & WHAT THEY REVEAL: This U-turn is stunning: JP Morgan and Dimon went from “close it down” to “we’ll accept it as collateral and defend your right to buy” in just a few years. The contradictions are clear – “fraud” to funding, “pet rock” to permissioned tokens. Yet in hindsight it reveals how institutional sentiment has shifted. Once the world’s most vocal anti-crypto banker, Dimon now must play catch-up to client demand. As one pundit quipped, billionaires may stop talking about anything only after their clients leave them behind . Crypto advocates on social media have pointed out the irony and vindication of a bank that once dismissed Bitcoin outright now treating it like any other asset . In short, JP Morgan’s swings mirror a broader trend: legacy banks initially fought the wave of digital assets, but now realize they must surf it or be left on the shore.

THE BIG PICTURE: JP Morgan’s crypto odyssey – from skepticism to selective embrace – underscores a new era. It shows that when market, technology and regulatory tides align, even the staunchest skeptics adapt. By deploying blockchain tech internally and slowly building crypto services, JP Morgan reveals a pragmatic approach: control what you can (digital payments, tokenized assets, settlement networks) and cautiously open services where clients want them. For crypto fans, the message is clear: the establishment has finally given its grudging nod. For institutions, the lesson is that staying nimble matters. JP Morgan’s journey suggests that crypto is no fad for the smart players – it’s an evolving asset class they can’t ignore .

Sources: Industry reports and news articles tracing JP Morgan’s statements and blockchain initiatives , among others. These document Dimon’s quotes, JPMorgan product launches (JPM Coin, Onyx/Kinexys, JPMD) and policy shifts that map the bank’s crypto evolution.