JP Morgan CEO Says Everyone Will Use Crypto

JPMorgan Chase CEO Jamie Dimon has acknowledged that crypto “is real” and said it will be used broadly to improve how money moves worldwide. Speaking in Riyadh during the Future Investment Initiative, Dimon said crypto “will be used by all of us to facilitate better transactions,” signaling a notable shift in tone from one of Wall Street’s most prominent skeptics.

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“It will be used by all of us to facilitate better transactions.” pic.twitter.com/yyPhLejZKm

— Bitcoin Magazine (@BitcoinMagazine) October 30, 2025

Dimon’s comment comes as large financial firms push deeper into blockchain based rails and stablecoin infrastructure. JPMorgan itself has built significant internal capabilities, including tokenization efforts and payments experiments, while also exploring services that touch the asset class. In July, Reuters reported that JPMorgan was considering offering loans secured by clients’ cryptocurrency holdings, a step that would place digital assets alongside traditional collateral in parts of its lending business.

Jamie Dimon Was Against Crypto: What Changed?

The new remarks contrast sharply with Dimon’s past criticisms of bitcoin and parts of the crypto market. In 2017 he called bitcoin “a fraud” that would “blow up,” adding that he would fire any JPMorgan trader dealing in the asset. Those comments were widely covered by major outlets including Reuters, the Wall Street Journal, and The Guardian at the time.

In 2021 he said he personally thought bitcoin was “worthless,” while predicting that governments would regulate cryptocurrencies. He also criticized “crypto tokens” as “decentralized Ponzi schemes” in congressional testimony, underscoring a long record of skepticism about non sovereign coins.

Industry executives at the Riyadh gathering focused heavily on digital assets this week, alongside artificial intelligence and global capital flows. Reuters coverage from the conference captured a mix of caution about policy risks and optimism about the growth of new financial technologies. Dimon’s line that crypto is “real” places him closer to peers who argue that blockchain based instruments and stablecoins can cut costs and speed settlement for both retail and institutional payments.

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JPMorgan’s stance appears to be evolving in practice as well as rhetoric. The bank has supported clients’ access to bitcoin exposure through market products and continues to develop its own blockchain initiatives, while maintaining a conservative approach on custody and direct trading. Reports this year also highlighted plans to engage more with stablecoins, which Dimon has described as credible if properly regulated.

Crypto is Going Mainstream

Dimon’s latest statement does not amount to an endorsement of speculative crypto investing. It does, however, acknowledge that crypto rails are becoming part of mainstream finance. For a bank that once viewed Bitcoin as worthless, the recognition that crypto will be used “by all of us” points to a future where regulated tokens and blockchain networks sit alongside traditional payments, clearing systems, and collateral markets. The path from “fraud” to “real” captures how quickly the market has matured and how major institutions now position themselves to operate in both worlds.

Recent events, such as the launch of spot ETFs for Solana, Hedera, and Litecoin are proof. Who knows what other crypto ETFs will be approved in the near future. On top of that, Western Union’s announcement to launch its stablecoin on Solana is another example of the traditional finance world coming onchain and embracing crypto.