Former Strategy CEO Michael Saylor has already reacted to JPMorgan's sudden cryptocurrency U-turn.
"Don’t wait until your banker tells you to buy Bitcoin," Saylor said on the X social media network.
JPMorgan legitimizing crypto
Earlier today, Bloomberg reported that JPMorgan would allow its institutional clients to use Bitcoin and Ethereum, the two leading cryptocurrencies, as collateral for accessing liquidity.
JPMorgan's about-turn gives the industry, which has long been striving for legitimacy, yet another major boost.
Crypto is getting increasingly integrated into the financial sector, with other banks of the likes of Morgan Stanley also working on expanding their digital asset services.
As Bloomberg's Eric Balchunas notes, crypto continues to get "absorbed" into Wall Street's plumbing.
Dimon refuses to comment on Bitcoin
In the meantime, JPMorgan CEO Jamie Dimon recently refused to comment on Bitcoin while complaining about getting "death threats" from the crypto community.
Dimon, of course, has been a staunch opponent of the leading cryptocurrency. He previously described the flagship coin as "fraud" or a "pet rock."
However, the bank continues to embrace crypto despite the fact that its longtime boss continues to resent it.
Last year, Saylor, who himself was a Bitcoin critic in the past, took aim at Dimon's "pet rock" comment, insisting that the leading cryptocurrency by market cap actually fits the definition of digital money.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team