From “Tulip Bulbs” to Collateral: JPMorgan’s Jamie Dimon Executes Crypto U-Turn
In a striking reversal, JPMorgan Chase—the bank led by a CEO who once called Bitcoin “worse than tulip bulbs”—is preparing to accept it and Ether as loan collateral for institutional clients.
The program, reported by Bloomberg, underscores the inescapable pressure of client demand on even the most skeptical Wall Street leaders.
While Jamie Dimon continues to voice personal reservations about cryptocurrency, his bank is quietly building a comprehensive suite of crypto services.
This new lending program follows the bank’s earlier adoption of crypto ETFs as collateral, marking a steady and pragmatic pivot. The change highlights a Wall Street maxim: client interests ultimately drive product offerings, regardless of executive sentiment.
This evolution is being mirrored across the industry, as regulators provide more clarity and competitors like Morgan Stanley and State Street accelerate their own crypto offerings.
