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Wall Avenue big JPMorgan Chase is exploring crypto-backed loans for its purchasers, a transfer that may mark a serious shift for a financial institution whose CEO as soon as labeled Bitcoin a “fraud.”
That’s in keeping with a Monetary Occasions report that cited sources aware of the matter, who stated the financial institution may start lending in opposition to cryptos together with Bitcoin (BTC) and Ethereum (ETH).
These crypto-backed loans may develop into accessible as early as 2026, although plans are topic to vary, the report added.
Jamie Dimon’s Adverse Crypto Feedback Value The Financial institution Potential Shoppers
JPMorgan’s CEO, Jamie Dimon, has repeatedly expressed his anti-crypto stance over time.
Throughout a 2017 firm assembly, he dismissed Bitcoin as a “fraud,” and in addition warned that any of the financial institution’s staff that commerce BTC on the financial institution’s accounts could be fired.
The dearth of fundamental understanding about Bitcoin from Jamie Dimon, because the CEO of the biggest financial institution on the planet, is fairly wild. Clearly has not spent any materials period of time trying into it but speaks so confidently. A bit embarrassing frankly.pic.twitter.com/Q1voqCcJv1
— Will (@WClementeIII) January 17, 2024
Then, in 2018, he as soon as once more criticized Bitcoin and known as it a “rip-off,” including that he wasn’t excited by it.
Years later, in 2022, the JPMorgan CEO reiterated his unfavourable stance on digital property, labeling them as “decentralized Ponzi schemes.” He did, nonetheless, acknowledge the potential of decentralized finance (DeFi), blockchain expertise, sensible contracts and “tokens that do one thing.”
In response to the sources cited within the report, Dimon’s unfavourable feedback in the direction of crypto have price the financial institution potential purchasers which have both made their cash in digital property or who’ve proven a long-term curiosity in crypto.
JPMorgan Wanting Into Stablecoins After GENIUS Act Signed Into Regulation
Dimon has not too long ago softened his stance on crypto, and stated he would defend purchasers’ proper to purchase Bitcoin.
JPMorgan has additionally expanded its stablecoin growth, with the financial institution’s CEO saying earlier this month that JPMorgan could be “concerned in each JPMorgan deposit coin and stablecoins to grasp it, to be good at it.”
Citigroup CEO Jane Fraser has additionally stated the financial institution is “actively exploring” a Citi-branded stablecoin for cross-border funds.
Jane Fraser, Citi $C Q2 2025 earnings name: “We’re trying on the issuance of a Citi stablecoin” 👇🏻 pic.twitter.com/RfFUIG9mVp
— Jevgenijs Kazanins (@jevgenijs) July 15, 2025
That’s after US President Donald Trump signed the GENIUS Act into regulation, a key stablecoin invoice that establishes federal frameworks for the issuance and buying and selling of stablecoins.
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