Long critical of Bitcoin, Jamie Dimon has called BTC a “fraud,” “worthless,” and a “decentralized Ponzi scheme,” while testifying before the US Senate in 2023. Yet JPMorgan has pursued a blockchain-focused business strategy, launching JPM Coin, developing the Onyx infrastructure, executing tokenized collateral transactions involving BlackRock and Barclays, and investing in TRM Labs. The bank now accepts BTC and ETH as collateral for loans, facilitates cryptocurrency purchases with Coinbase for Chase customers, and acts as an authorized participant in BlackRock’s spot Bitcoin ETFs. It also forecasts that BTC could outperform large-cap stocks, REITs, and gold over the next 10 to 15 years, with a 10% compound annual return, despite potentially high volatility.
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