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The greatest reversal is underway on Wall Street.
Three years ago, the CEO of JPMorgan Chase, Jamie Dimon, was testifying to Congress. A question came in from New Jersey Representative Josh Gottheimer. He asked Dimon’s thoughts on the United States’s need to lead the innovation of digital assets.
Mr. Dimon’s response was the following:
I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes. The notion they are good for anybody is unbelievable.
Some saw the need for the U.S. to lead this new industry, like Representative Gottheimer. But not everybody was sold on it, including Jamie Dimon.
You can see the full clip here for yourself.
But this response wasn’t a one-off. It was Dimon doubling down. Just a few years prior, he described Bitcoin as a “fraud,” “worse than tulip bulbs,” and “not a real thing.”
The CEO of one of the largest banks in the world calling the industry “not real” meant that efforts to boost innovation – such as those by Josh Gottheimer – were destined to fail.
After all, JPMorgan Chase had $3.64 trillion in assets as of June 2025. That makes it not only the largest bank in the U.S. but the largest bank by over $1 trillion more than the next largest bank.
It’s why Jamie Dimon’s words tend to carry so much weight.
So if digital assets and cryptocurrencies were to ever have a meaningful impact on global finance, JPMorgan Chase’s public, vocal support would be something to take seriously.
That brings us to October 28.
Last week, during a roundtable at the Future Investment Initiative 2025, the host posed a question asking if he should buy cryptocurrencies or avoid them.
The participants around the table were a “who’s who” of the banking world.
There was BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, HSBC CEO Georges Elhedery, and Jamie Dimon.
The responses didn’t disappoint…
Larry Fink answered first, saying:
You own these assets because you’re frightened of debasement of your assets, worried about your financial security, worried about your physical security.
This wasn’t much of a surprise. Fink has been a crypto proponent for a couple of years now. His firm issued the most successful Bitcoin ETF, with $88 billion in assets under management (AUM).
The ETF is so large that it’s in the top 25 largest ETFs in existence and is the second-largest non-equity ETF in the market.
It’s no secret that crypto represents a monster cash cow to BlackRock.
But what came next was a surprise.
The moderator asked Dimon his thoughts, prefacing the question with, “You’ve been a little skeptical of crypto at one point.” Dimon’s reply was noteworthy:
Crypto is real. It can mean blockchain, stablecoins…All that stuff is real. It will be used by all of us to facilitate better transactions and customer service.
He did a complete reversal on his view of the industry for all to hear.
To anybody who has tracked his comments over the years, this reversal was incredibly significant.
Many knew his firm had been working on blockchain technology for years. They’ve been creators of a permissioned Ethereum-based network called Quorum, which is now Kinexys. The network hosts more than 400 member banks and handles real-time fund transfers, data sharing, and asset tokenization.
The team has even worked on proof of concepts such as Project Guardian, which involved major banks and even the Monetary Authority of Singapore to transact assets across borders.
So JPMorgan Chase was always walking the walk but never talking the talk.
And Dimon’s reversal came at a time when the bank had made a major step toward adopting the asset class once deemed a “Ponzi scheme.”
A few days before the roundtable, JPMorgan Chase made news.
It announced a new program set to launch by the end of the year that allows clients to use Bitcoin and Ethereum as collateral for loans.
It was a massive announcement for the bank. It highlights how Wall Street now views this asset class.
It’s no longer viewed as “not real” or an asset class that is likely to disappear. The traditional financial system is adopting it.
The news, when paired with Dimon’s comment, reflects a larger theme of 2025: Digital assets and cryptocurrencies are the future of finance.
It’s why the SEC, the CFTC, and the White House have been pushing so hard on what they call “Project Crypto,” an initiative to bring the financial system to public blockchains.
And it’s also why, despite the government shutdown, Congress is putting a bill together that will lay the framework for the industry to implement “Project Crypto.”
There is a tsunami of interest and change afoot.
And the change in tone from the largest U.S. bank should not be taken lightly, as it comes amid sweeping change both on Wall Street and in Washington, D.C.
Even President Trump, after his recent trip to China, doubled down on the U.S. needing to be the crypto capital of the world.
He said, “I only care about one thing – will [the U.S.] be number one in crypto?… China is getting into it very big.”
The largest financial institutions are leading this race. And it’s becoming a national priority for countries across the globe. The industry is moving from a niche asset class to being the base layer for finance globally.
And it’s all shaping up to mean one thing…
2026 will be the most exciting year for crypto ever.
The industry is about to realize its full potential, and we don’t want to remain on the sidelines as it unfolds.
Your Pulse on Crypto,
Ben Lilly
Senior Crypto Analyst, The Bleeding Edge
The Bleeding Edge is the only free newsletter that delivers daily insights and information from the high-tech world as well as topics and trends relevant to investments.
The Bleeding Edge is the only free newsletter that delivers daily insights and information from the high-tech world as well as topics and trends relevant to investments.
