From "Fraud" to Financial Product in Record Time

December 2025 marks one of the most spectacular capitulations in modern finance. JP Morgan Chase, the bank whose CEO spent a decade calling Bitcoin a "fraud," a "pet rock," and a "Ponzi scheme," has just announced two groundbreaking moves:

Bitcoin & Ethereum as loan collateral for institutional clients by year-end
MONY tokenized money market fund launching on Ethereum with $100 million initial investment

This isn't a bank dipping its toes into crypto. This is Jamie Dimon's JP Morgan executing a complete 180-degree reversal on everything they've said about cryptocurrency for the past decade.

The Receipts Don't Lie

Let's be brutally clear about the timeline:

2017: Dimon calls Bitcoin a "fraud" and threatens to fire employees who trade it
2021: Calls it "worthless" and a "waste of time"
2023: Tells Senate he'd "close it down" if he could
January 2024: Advises CNBC viewers "don't get involved"
October 2024: Calls Bitcoin investors "stupid" and the asset "useless as a pet rock"
October 2025: Announces Bitcoin collateral program
December 2025: Launches tokenized fund on Ethereum

The hypocrisy is breathtaking. But more importantly, it reveals something critical: This wasn't about principles. It was about protecting market position.

Why the Sudden Change? Follow the Money

Three forces broke JP Morgan's anti-crypto stance:

1. Client Exodus

Wealthy clients were taking their business to competitors offering crypto services. JP Morgan couldn't afford to keep saying no while BlackRock, Goldman Sachs, and Morgan Stanley captured market share.

2. The Numbers Got Too Big to Ignore

Bitcoin ETF assets: $115+ billion by late 2025
BlackRock's IBIT alone: $75 billion
Tokenized assets: $2 billion to $7 billion growth in one year
North America crypto transactions: $2.3 trillion (July 2024-June 2025)

When BlackRock is managing $75 billion in Bitcoin while your CEO calls it a fraud, the cognitive dissonance becomes financially unsustainable.

3. Regulatory Cover Evaporated

The OCC's 2023-2025 rules, SEC clarity, and the July 2025 GENIUS Act passage removed Dimon's favorite excuse: "regulatory uncertainty." Now he just looked stubborn.

The Real Story: Defensive Panic, Not Vision

Here's what mainstream finance won't tell you: JP Morgan's reversal is an admission of catastrophic strategic failure.

Bitcoin threatens JP Morgan's core business model. The bank makes billions as a middleman in international payments, settlements, and custody services. Bitcoin was designed to eliminate exactly these intermediaries. Dimon's attacks weren't about protecting investors—they were defensive maneuvers by an incumbent terrified of disruption.

The timing reveals the desperation. These programs were announced in October-December 2025 in rapid succession. This isn't strategic planning. This is scrambling to avoid irrelevance.

There are huge implications to Bitcoin, ETH and XRP - Read More

The Dimon Doctrine Collapses - JP Morgan's Stunning Crypto Reversal