Jamie Dimon is a long time opponent to crytpo. He once called Bitcoin a fraud and, even recently, stated that he saw little value in crypto.
None of this, however, is stopping the bank from making major moves. Dimon might have his personal opinions but he runs JPMorgan based upon what can make it money.
For him, the future is crypto.
It is ironic that one of the biggest changes in crypto could be coming from a long time advocate. As the world's leading banker, Dimon wields great power. Others in the industry watch closely and often follow his lead.
He is changing the tide with crypto. JPMorgan is looking at massive integration over the next year.
A deal was announced between JPMorgan and Coinbase. This is going to link the banks customer accounts with a digital wallet provided by Coinbase.
JPMorgan Chase and Coinbase announced a deal Wednesday, allowing Chase customers to directly link bank accounts to their cryptocurrency wallets starting in 2026.
This is a radical shift from Operation Chokepoint 2.0 under the Biden administration which closed accounts of crypto related companies.
Now, after 6 months into a new administration, we have the leading investment bank partnering with Coinbase to provide digital wallet access. This is a major step in the combining of traditional finance and crypto.
Through its depository institution, Chase, customers will be able to link their bank account to Coinbase. This will offer simplified access to crypto purchases, even making credit cards possible. At the same time, the bank announced that reward points will be eligible for crypto purchase.
From 2026, Customers will also be able to transfer their Ultimate Rewards Points to their Coinbase account, with 100 points equalling $1 in redemption value, in what JP Morgan billed as "the first time a major credit card rewards program will be used to fund a crypto wallet."
Starting Fall 2025, Chase customers will be able to fund their Coinbase accounts using their credit card.
Crypto is rapidly becoming a central component of the financial system. There is a reason why banks such as Chase, Bank of America, and Wells Fargo are getting involved.
Wall Street might be lacking in their moral compass yet they are not devoid of intelligence. When it comes to finance, they are keenly aware of what is taking place.
They are also not going to allow their businesses to be destroyed.
We are seeing a merging of TradFi and crypto. In a few years, they will not be separate. The Trump Administration even put out a report calling for Congress to regulate DeFi.
Essentially, the hijacking continues.
We are likely going to see a phase of 10-15 years where the banks are still in the center of everything. This will not change overnight. Potential does exist, however, for development to counteract what is currently taking place.
Where Wall Street excels is in the rapid implementation of infrastructure. Over the years, crypto development was slow. Wall Street, in a couple years, built more than the entire industry did from the start.
The difference is to the legacy companies, crypto is simply another asset to integrate into their operations. There is no desire to fundamentally change the financial system since they are in control of it.
Crypto still have this potential.
I believe we are no longer talking about money, since that is digital. That means we are under the laws of IT, a world of bits. Here is where technological innovation is the driving. It is also why FinTech was so successful over the last couple of decades.
For now, major banks will become the top players in crypto. They simply have the size and monetary power. Over time, with development, things can change.
Nevertheless, JPMorgan just opened the door to the next phase of crypto.
