Jamie Dimon | JPMorgan Shifts from Bitcoin Critic to Embracing Mortgage Collateral
Edited By
Sarah Thompson
A surprising shift is underway as Jamie Dimon and JPMorgan Chase flip the script on Bitcoin. After years of denouncing the cryptocurrency—from labeling it a fraud to now accepting it as mortgage collateral—this move marks a pivotal moment in Wall Street.
Diabolical Reversal: From Critic to Advocate
Dimon spent nearly a decade fervently criticizing Bitcoin. Notable quotes include:
“Bitcoin is a fraud. I’d fire any trader at JPM who traded it.” (Sept 12, 2017)
“If I were the government, I’d shut it down.” (Dec 6, 2023)
Yet, as 2025 unfolded, he switched gears. On Oct 24, JPMorgan announced it would accept Bitcoin as collateral for mortgages, asserting a key acceptance of the once-maligned asset.
Significant Milestones in Dimon’s Journey
Oct 24, 2025: JPMorgan accepts Bitcoin as mortgage collateral.
Nov 26, 2025: Analysts label Bitcoin as a “legitimate macro asset” with a price target of $240,000.
Nov 26, 2025: Launch of a new Bitcoin ETF leveraging IBIT derivatives.
This trajectory raises questions about motives behind the change.
Mixed Reactions from the People
Some people on forums are skeptical about JPMorgan's new attitude. Comments such as "Wasn’t he just de-banking people?" and "He does whatever maximizes JPMorgan's profits" highlight a lack of trust. Others, however, seem more favorable, indicating they admire Dimon’s shift in perception. As one forum member said, “For a while I was one of those ‘Bitcoin is a scam’ people. I’ve come around to its value”
"This sets a dangerous precedent," argued a concerned respondent.
Interestingly, not everyone believes Bitcoin can genuinely be leveraged for mortgages, with skepticism around the feasibility of everyday consumers utilizing it as collateral.
Key Points and Implications
⚡ Market Shift: JPMorgan’s acceptance signals growing mainstream interest in crypto assets.
🔍 Skepticism Still Prevails: Many are cautious about the true motivations behind this pivot.
💡 Continued Debate: Questions arise about actual accessibility for regular people rather than institutional clients.
As this narrative unfolds, one wonders if other critics will follow suit and embrace cryptocurrencies. The landscape seems to be changing rapidly in favor of wider adoption.
Future Market Shifts
Looking ahead, there’s a strong chance that other major financial institutions will follow JPMorgan’s lead by adopting cryptocurrencies in their services. Analysts predict a 60% probability that within the next year, at least three other banks will explore similar initiatives, responding to increasing demand from consumers and institutional clients. This change reflects a notable shift in attitude toward digital assets, as businesses recognize the potential profitability of integrating crypto into traditional banking practices. However, sustained skepticism will likely linger, especially among conservative investors and clients cautious about the actual utility of these assets in everyday transactions.
A Lesson from History’s Edge
A fascinating parallel can be drawn with the evolution of the internet in the late 90s. Just as major companies were initially wary of online commerce, some viewing it as a passing fad, the rapid embrace of e-commerce transformed the retail landscape. The skepticism experienced back then mirrors the current doubts surrounding Bitcoin’s long-term viability. Those who once ruled out the web as a risky venture later found themselves at the forefront of a digital revolution. Today, Bitcoin’s transition from a niche asset to a component of mainstream finance could provoke a similar transformation, ushering in an era where digital currencies become central to economic interactions.