Jamie Dimon and JPMorgan's crypto-asset stance and business evolution · JPM Coin / Kinexys / JPMD on Base
ConfidenceLikelyUpdated2026-05-29Review by2026-11-18Sources6Machine-translatedOriginal (JA)
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This entry sits under business INDEX as a public-company-strategic-case anchor. Read it against Triple-role COI template · VC GP + large-customer Board + portfolio-company CEO triangular structure for peer / contrast context and fintech index for the broader system / regulatory boundary.
Key facts
- In 2017-09 Dimon stated “BTC is a fraud, and any trader who buys BTC will be fired immediately” •
- At the 2022-09 House hearing he testified that crypto assets are “decentralized Ponzi schemes,” and at 2024-01 Davos said “Bitcoin is a pet rock” •
- Softened in 2024-Q2 : acknowledged that stablecoins + tokenisation have “real-demand use cases” •
- Renamed Onyx to Kinexys in 2024-11 •
- JPMD on Base launched in 2025-Q4 = the first tokenised deposit issued by a major bank on a public chain •
- In 2026-Q1 , JPMD circulation ~$1B / institutional customers 100+ •
Origin & evolution
During the BTC price surge of 2017 年, Dimon publicly opposed it while JPM Coin had already been turned into an internal project within the company (for intra-corporate clearing purposes). JPM Coin was released in 2019-02 . The Onyx division was established in 2020-10 and renamed Kinexys in 2024-11 . In the same period: BlackRock × Coinbase partnership (2022-08), BUIDL launch (2024-03), IBIT approval (2024-01). In 2024-Q4 Dimon shifted to the supportive side. JPMD on Base launched in 2025-Q4 . In 2026-Q1 , JPMD circulation ~$1B / institutional customers 100+.
Related
- Wiki Index
- Large asset manager's crypto-asset compliance triangle template · ETF + RWA tokenisation + political influence
- Regulatory-pivot key-person case · personal ideology + institutional authorization (Hester Peirce)
- Reading cross-institution movement of key talent as an industry-forecast signal · JPM Onyx → Apollo
- Independent-path case · Non-participation in an industry consortium + betting on cross-border compliance value (Yoshitaka Kitao / SBI)
Sources
- Jamie Dimon: Bitcoin Is a ‘Fraud’ (CoinDesk, 2017-09-12) — https://www.coindesk.com/markets/2017/09/12/jamie-dimon-bitcoin-is-a-fraud
- Jamie Dimon Bashes Bitcoin Again: ‘A Pet Rock’ (Davos, CoinDesk, 2024-01-17) — https://www.coindesk.com/business/2024/01/17/jamie-dimon-bashes-bitcoin-again-a-pet-rock
- Jamie Dimon told Congress crypto tokens are ‘decentralized Ponzi schemes’ (Fortune, 2022-09-22) — https://fortune.com/2022/09/22/jpmorgan-jamie-dimon-dangerous-crypto-decentralized-ponzi-scheme-not-good-for-anybody/
- JPMorgan rolling out first US bank-backed cryptocurrency, JPM Coin (CNBC, 2019-02-13) — https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html
- Introducing Kinexys (Onyx rebrand, J.P. Morgan official) — https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/introducing-kinexys
- JPMorgan Rolls Out JPM Coin (JPMD) Leveraging Coinbase’s Base (CoinDesk, 2025-11-12) — https://www.coindesk.com/markets/2025/11/12/jpmorgan-rolls-out-jpm-coin-leveraging-coinbase-s-base-report
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- Regulatory-pivot key-person case · personal ideology + institutional authorization (Hester Peirce)The regulatory pivot is established by a 3-point simultaneous-trigger mechanism. 1) Long-term consistency of personal ideology (Peirce's 2018-2025年 position is unchanged and was publicly com...
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