Key Takeaways
- JPMorgan is considering launching loans backed by bitcoin and ether, potentially by 2026.
- CEO Jamie Dimon has softened his stance, now supporting clients' right to buy bitcoin.
- The move aligns with growing interest from banks in stablecoins and digital asset services.
JPMorgan Chase is reportedly evaluating the possibility of offering loans directly backed by bitcoin and ether, according to a recent Financial Times report.
This move would mark a significant shift in how traditional U.S. banks interact with digital assets, with the initiative possibly launching as early as 2026.
JPMorgan’s evolving strategy
The bank’s interest in bitcoin-backed lending follows its recent indications of exploring stablecoin products.
In a July 15 earnings call, CEO Jamie Dimon acknowledged the bank’s plans to participate in the stablecoin sector, noting their intent to “understand it” and “be good at it.”
This comes as competitors like Citigroup announce their own stablecoin initiatives.
Dimon’s changing approach
Jamie Dimon has a history of critical remarks on bitcoin, previously labeling it a “fraud” and a “scam.”
His stance appears to be moderating, with Dimon recently expressing a more tolerant view. On May 19, Dimon stated that JPMorgan clients would be able to buy bitcoin through the bank, though JPMorgan would not provide custody services. He explained his position:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
Industry context
The Financial Times noted that Dimon’s earlier skepticism may have alienated some clients who are long-term believers in bitcoin.
Now, as industry demand rises and regulatory clarity improves, major players like JPMorgan are reconsidering their approach.
