According to the Financial Times, JPMorgan Chase is preparing for a new cryptocurrency move. JPMorgan is exploring offering loan products backed by cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), the FT reported, citing multiple sources familiar with the matter. This will reportedly likely launch early next year. The move comes as major US banks like BoA and Citibank have shown interest in issuing stablecoins, and comes at a time when rules surrounding cryptocurrencies in the US are becoming clearer and customer demand is increasing. If JPMorgan's move goes through, it would mark a major shift for CEO Jamie Dimon, who once labeled Bitcoin a scam and predicted its collapse. Jamie Dimon, who has consistently expressed his skepticism towards Bitcoin, recently took a more flexible stance and said, “We will be interested in stablecoins.” The CEO also expressed concerns about excessive leverage, illicit use, and money laundering risks at a May shareholder meeting, saying, “I don't like the Bitcoin ecosystem. If our customers want to buy BTC, we'll let them, but we won't store it.” *This is not investment advice. Continue Reading: Surprising Decision from the World's Largest Bank, JPMorgan! "They're Preparing for a Major Bitcoin and Ethereum Move!"
