- JPMorgan’s CEO has reportedly changed his tune on BTC.
- The crypto market community was divided on Dimon’s reported change in BTC stance.
JPMorgan’s CEO Jamie Dimon, a long-time Bitcoin [BTC] critic, has emerged as one of Donald Trump’s potential candidates for the U.S. Treasury.
In a recent Bloomberg interview with Trump, the former president complimented Dimon and started,
“Jamie Dimon was, you know, very negative, and now all of a sudden he’s changed his tune a little bit.”
The report added that the former president would reconsider Dimon for the secretary of Treasury.
However, the JPMorgan chief and chairman have always been negative about Bitcoin, the largest digital asset.
Although Dimon acknowledged the potential of blockchain technology, he didn’t see any use case for Bitcoin and equated BTC to a “pet rock“ in March.
“There are cryptocurrencies that do something that might have value. And then there’s one that does nothing; I call it pet rock. The Bitcoin, or something like that.”
Has Jamie Dimon’s crypto stance changed?
The executive has maintained his attacks on Bitcoin and, at one point, referred to it as a “Ponzi scheme.” His hard stance remained even as part of Wall Street warmed to the digital after the successful launch of BTC ETFs in Q1.
In fact, in December 2023, Dimon suggested that he would “shut down crypto and Bitcoin” if he were in the federal government.
As a result, crypto market commentators have expressed reservations about Trump’s reported “change” in Dimon’s stance on Bitcoin and the overall industry.
On his part, Ben Sparango of the Solana Foundation termed the purported change as,
“This seems like more of a Trump-train-of-thought exaggeration than it does an actual reflection of Jamie’s change of stance on crypto.”
However, other industry players, like David Bailey of Bitcoin Magazine and part of Trump’s campaign team, believe that the former president has convinced Dimon to change his views on Bitcoin.
In the meantime, the odds of Trump winning the 2024 U.S. presidential elections are above 60%, and it seems markets could begin pricing his potential win.
Source: Polymarket
Despite his coziness to Dimon, a Trump win would be expected to bolster crypto markets, as projected by market analyst Alex Kruger. Kruger argued that,
“Trump’s administration might pursue supportive regulations for cryptocurrencies, fostering innovation and adoption.”
Meanwhile, BTC faced rejection at $65K and consolidated below that level ahead of the likely launch of the Ethereum ETF on July 23rd.