Despite Dimon’s Doubts, JPMorgan to Allow Bitcoin ETF-Backed Loans
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Even as CEO Jamie Dimon compares Bitcoin investing to smoking, JPMorgan is moving forward with plans to accept crypto ETFs as loan collateral, Bloomberg reports.
The bank will soon enable clients to borrow against Bitcoin ETFs, starting with BlackRock’s $70.1 billion IBIT. Crypto holdings will also be included in net worth calculations for loan approvals.
The move highlights a growing divide between Dimon’s personal skepticism and JPMorgan’s business strategy, which now includes Bitcoin ETF holdings and its JPM Coin stablecoin. As Dimon quipped in May:
“I don’t think you should smoke, but I defend your right to buy Bitcoin.”
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