Jamie Dimon's Wild Shift | From Bitcoin Hater to Embracer of Crypto
Edited By
Tomoko Sato
In a remarkable turn of events, Jamie Dimon, CEO of JPMorgan, has switched gears on Bitcoin, going from a vocal critic to endorsing it as collateral for mortgages. This seismic shift—unfolding in late 2025—has left many in the financial world scratching their heads.
A History of Hostility
Over the past eight years, Dimon has taken a strong stance against Bitcoin, branding it a fraud and a Ponzi scheme. His infamous quotes include:
Sept 12, 2017: "Bitcoin is a fraud. I’d fire any trader at JPM who traded it."
Oct 13, 2017: "If you’re stupid enough to buy it, you’ll pay the price."
Dec 6, 2023: "If I were the government, I’d shut it down."
Despite this outspoken criticism, the landscape has shifted. On Oct 24, 2025, JPMorgan began accepting Bitcoin as collateral for mortgages. What changed?
The Business Opportunity
JPMorgan's recent pivot indicates a growing acceptance of Bitcoin as a legitimate asset. The bank's analysts issued a research note suggesting a price target of $240,000 for Bitcoin. They’ve even rolled out a new Bitcoin ETF, leveraging IBIT derivatives to amplify investment returns.
Several comments from forums highlight skepticism around this transformation:
"This cannot be used as mortgage collateral if you are a ‘regular person.’"
"They want you to give up your Bitcoin as collateral, then they short it."
"This sets a dangerous precedent."
Sentiment Shifts in the Crypto Community
While some people remain wary, viewing Dimon's change as opportunistic, others see it as a significant step toward mainstream acceptance of cryptocurrency. Curiously, people noted:
"For a while, I was one of those ‘Bitcoin is a scam’ people. I’ve come around to its value and I’m glad Jamie has too."
Key Insights
🔸 Dimon's Dramatic Shift: From dismissal to endorsement of Bitcoin as collateral.
🔹 Market Potential: JPMorgan estimates Bitcoin could hit $240,000.
🔸 Skepticism Persists: Concerns over using Bitcoin in mortgages remain prevalent.
This flip-flop has raised eyebrows and sparked discussions about the future of Bitcoin in institutional finance. As the market continues to evolve, one question arises:
Will other banks follow JPMorgan’s lead, or remain cautious about cryptocurrency’s volatility? With Dimon now on board, the crypto world waits to see how this saga unfolds.
What Lies Ahead for JPMorgan and Bitcoin?
There’s a strong chance that other major banks will closely monitor JPMorgan’s Bitcoin strategy. If JPMorgan's acceptance of Bitcoin as mortgage collateral proves successful, we could see up to a 60% likelihood that rival banks might adopt similar policies in the next 12 to 18 months. This shift could bolster Bitcoin’s value, potentially pushing it closer to the projected price target of $240,000. However, if market volatility continues, experts estimate a 40% chance that financial institutions will remain hesitant to fully embrace cryptocurrency, opting instead for more conservative approaches. This landscape will largely be influenced by the regulatory environment and public sentiment towards digital currencies as they gain traction in everyday financial transactions.
Reflecting on Past Waves of Change
This moment parallels the rise of the internet in the late 1990s, when established companies hesitated to adapt to new technologies. Just as legacy industries once dismissed online commerce, Dimon's pivot mirrors an evolving mindset where innovation is now seen as a potential path to prosperity. Back then, those who embraced the digital wave first—with bold moves—shaped the future market dynamics. Similarly, JPMorgan's newfound acceptance of Bitcoin might spark a transformative trend in finance. As history shows, the early adopters set the course for the next era, highlighting how receptiveness to new ideas can markedly redefine an industry.