JPMorgan has re-confirmed it should permit purchasers to commerce Bitcoin and different cryptocurrencies.
Whereas the financial institution won’t instantly supply custody companies, it’s increasing its blockchain initiatives and exploring how crypto suits into its broader markets technique.
Scott Lucas, JPMorgan’s international head of markets digital belongings, outlined the financial institution’s strategy in a CNBC interview, emphasizing an “and” technique that balances present monetary infrastructure with rising blockchain alternatives.
On buying and selling crypto, Lucas mentioned that, “Jamie [Dimon] was fairly clear throughout investor day that we had been going to be concerned within the buying and selling of that, however custody just isn’t on the desk in the meanwhile,”
The financial institution has been experimenting with deposit tokens and stablecoins, instruments that allow cash-like digital belongings on distributed ledgers.
“Naturally, we want custodians. So we’re exploring what the proper custodians for us for the enterprise footprint of,” Lucas mentioned.
Lucas highlighted JPMorgan’s deposit token, JPMD, which is at present a prototype within the U.S., as a platform for potential shopper companies and money administration options.
Stablecoins stay a spotlight as nicely, although Lucas famous that any future issuance would seemingly be led by the financial institution’s funds enterprise, slightly than its markets division.
As an alternative, JPMorgan’s buying and selling purchasers can use stablecoins to execute transactions and discover new monetary workflows, reflecting the financial institution’s curiosity in bridging conventional markets with blockchain-based infrastructure.
Lucas additionally acknowledged the rising position of public blockchains in capital markets, noting that whereas JPMorgan maintains proprietary inner platforms, it expects an growing share of market exercise to shift towards public networks.
Earlier right this moment, JPMorgan additionally announced a $1.5 trillion, decade-long “Safety and Resiliency Initiative” to bolster key U.S. industries, together with power, manufacturing, and protection.
The financial institution said it could make investments as much as $10 billion in fairness and enterprise capital to help home corporations driving innovation and strategic manufacturing.
JPMorgan: Bitcoin is undervalued
Earlier this month, JPMorgan analysis suggested Bitcoin could also be undervalued in comparison with gold, with potential upside if the “debasement commerce” continues. Analysts estimated Bitcoin may attain $165,000, about 450% above present ranges, primarily based on volatility-adjusted comparisons with gold.
They famous that Bitcoin is more and more enticing relative to gold because the bitcoin-to-gold volatility ratio falls under 2.0.
Earlier this 12 months, JPMorgan Chase also was said to consider a coverage to lend straight towards purchasers’ Bitcoin and crypto holdings, marking a possible first for the financial institution in accepting digital belongings — not ETFs — as mortgage collateral.
Earlier in 2025, JPMorgan allowed purchasers to make use of Bitcoin ETFs as collateral and started together with crypto holdings in internet value evaluations alongside conventional belongings.
