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The Last Resistor of Wall Street Surrenders? JPMorgan Will Fully Invest in Crypto Assets
Daimon has capitulated! JPMorgan is ALL IN on encryption, the last resistor of Wall Street has fallen!
"Bitcoin is a scam" "Ponzi scheme" "Pet rock" - these labels once came from the mouths of the heads of the world's largest banks. Just last year, JPMorgan CEO Jamie Dimon publicly criticized cryptocurrencies with these terms, even claiming, "If I were the government, I would shut it down."
However, today, this last "stubborn faction" on Wall Street has raised the white flag.
According to CNBC financial commentator Jim Cramer, Jamie Dimon may now be "fully committed to encryption"! The banking giant who once threatened to fire any employee who traded Bitcoin is now steering his ship towards the blue ocean of encryption at full speed.
From "Arch Enemy" to "Believer": Damon’s Astonishing Turnaround
"Back in 2021, Dimon stated emphatically at a public meeting: 'Bitcoin is a scam and will ultimately collapse.' At the Senate hearing in 2023, he intensified his critique: 'I have always opposed cryptocurrencies, Bitcoin, etc. The only real use is by criminals, drug dealers... for money laundering and tax evasion.'
Even by the time of the 2024 Davos Forum, he remained true to his sharp-tongued nature, likening Bitcoin to a worthless "pet rock." At that time, who could have imagined that just a year later, this financial pope would lower his proud head?
Signals of change have actually been evident for a long time:
On May 19 this year, Dimon first let slip at the JPMorgan Investor Day: "We will allow customers to buy Bitcoin, but we will not provide custody services for it." Although he still insists, "I personally will never buy Bitcoin," his body has honestly opened the vault door.
Why Capitulation? Three Realities That Make Giants Bow Down
1. Customer demands come in like a tide.
"High-net-worth clients are increasingly demanding to allocate Bitcoin" — this is a reality pressure that Dimon cannot evade. When the wealthy wave their dollars and shout "I want to buy Bitcoin," no banker can say no. After all, the customer is king, especially those managing trillions in assets.
2. The competitors have seized the beachhead.
When Goldman Sachs and BlackRock launched Bitcoin ETFs, JPMorgan sitting on the sidelines is equivalent to handing the market over. BlackRock's Bitcoin ETF IBIT attracted over $54.7 billion in just one quarter; who wouldn't be envious of such a juicy opportunity?
3. The regulatory ice is melting.
After Trump took office, the U.S. encryption policy underwent a 180-degree turnaround. The SEC revoked the SAB 121 announcement that prohibited banks from custodying digital assets, clearing the way for traditional financial institutions to enter the space. When the regulatory green light is on, commercial instincts will ultimately prevail over personal preferences.
Stealthily Planning for Years: JPMorgan's "Encryption Double-Edged Strategy"
Dimon's transformation is by no means a momentary impulse, but rather a carefully planned move. While the CEO was still publicly criticizing Bitcoin, JPMorgan had already deployed heavy troops in the field of encryption:
and plans to expand the settlement scale of JPM Coin
What's more intriguing is that the Vanguard Group—this conservative entity that once publicly declared Bitcoin as a "immature asset"—has quietly become the largest shareholder of the Bitcoin whale Strategy, holding 20 million shares, accounting for 8% of the circulating stock. Saying one thing and doing another, Wall Street's "true fragrance law" has never failed.
The market has gone wild: a torrent of funds sweeps through the encryption world
The shift of traditional financial giants is triggering a tsunami in the capital markets:
Standard Chartered Bank has also joined the battle by launching spot trading services for Bitcoin and Ethereum to institutional clients, becoming the first global systemically important bank to offer this service. As the gates of traditional finance open, a torrent of funds is surging into the world of encryption.
Public Companies Go Crazy: ETH Becomes the New Favorite
Corporate reserve assets are spreading from Bitcoin to Ethereum:
Even Trump is adding fuel to the fire, claiming that "The Federal Reserve should lower interest rates to below 1%" and is preparing to announce a $70 billion AI and energy investment plan. The macro environment resonates perfectly with the cryptocurrency craze.
Demon's Capitulation: Is it the Beginning or the Incorporation?
On the surface, this is a great victory for the encryption world; but at a deeper level, traditional finance is executing a carefully designed "technological capitulation strike":
Dimon emphasized when allowing clients to purchase Bitcoin that he "will not provide custody services". This strategy of "keeping a distance" exposes the true intentions of traditional finance — satisfying customer needs while avoiding deeply binding risks. Just like Dimon's famous quote: "I don't think you should smoke, but I defend your right to smoke. I also defend your right to buy Bitcoin."
What JPMorgan and others want is to integrate encryption assets into the existing financial system: establish compliance standards, create custodial lock-in circles, and promote regulatory oversight. When the era of CBDC (Central Bank Digital Currency) arrives, traditional banks will become core nodes, and all transactions will be exposed to the regulatory spotlight.
Bitcoin is not dead, but free Bitcoin is disappearing. The space for anonymous transactions and decentralized trading is being squeezed by KYC and AI risk control; exchanges are increasingly resembling traditional brokerages, and on-chain addresses are becoming tied to real identities. The crypto world has gained recognition but may be paying the price of freedom.
The Dawn of a New Financial Era
Damon's turn is not the end, but the beginning. When the last resistors of Wall Street fall, the fusion of traditional finance and the encryption world is irreversible. BlackRock, Fidelity, Morgan Stanley, Standard Chartered... the giants are collectively pouring into this new land.
But amidst the revelry, please remember that Damon’s warning still lingers: Bitcoin is highly volatile, and regulatory risks remain. When the Vanguard Group criticizes Bitcoin while holding Strategy stocks, and when JPMorgan buys ETFs while refusing custody, Wall Street's "two-sided betting" strategy has never changed.
Cryptocurrency is being tamed by institutions, and the eternal game between financial innovation and risk control continues. The crypto world has won the battle, but the war is far from over.
When Damon finally bowed his head, an old era came to an end, and a new era was beginning.