JPMorgan Chase explores Bitcoin collateralized loans; significant policy shift

According to sources cited by the media, JPMorgan Chase is studying whether to launch a loan business directly using customers' cryptocurrency holdings as collateral. The plan would allow clients to use digital assets such as Bitcoin and Ethereum as collateral, and could potentially be launched as early as next year, although the proposal is still in the preliminary stage. This move will expand the bank's existing business of accepting cryptocurrency exchange-traded fund shares as collateral, and also marks a significant shift in the stance of the company's CEO, Jamie Dimon - who had previously declared Bitcoin a "fraud" in 2017. Dimon's recent attitude has softened, and in May of this year he expressed support for clients' rights to purchase cryptocurrencies.