WIN BITCOIN
JPMorgan has re-confirmed it will allow clients to trade Bitcoin and other cryptocurrencies.
While the bank will not immediately offer custody services, it is expanding its blockchain initiatives and exploring how crypto fits into its broader markets strategy.
Scott Lucas, JPMorgan’s global head of markets digital assets, outlined the bank’s approach in a CNBC interview, emphasizing an “and” strategy that balances existing financial infrastructure with emerging blockchain opportunities.
On trading crypto, Lucas said that, “Jamie [Dimon] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment,”
The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers.
“Naturally, we need custodians. So we’re exploring what the right custodians for us for the business footprint of,” Lucas said.
Lucas highlighted JPMorgan’s deposit token, JPMD, which is currently a prototype in the U.S., as a platform for potential client services and cash management solutions.
Stablecoins remain a focus as well, though Lucas noted that any future issuance would likely be led by the bank’s payments business, rather than its markets division.
Instead, JPMorgan’s trading clients can use stablecoins to execute transactions and explore new financial workflows, reflecting the bank’s interest in bridging traditional markets with blockchain-based infrastructure.
Lucas also acknowledged the growing role of public blockchains in capital markets, noting that while JPMorgan maintains proprietary internal platforms, it expects an increasing share of market activity to shift toward public networks.
Earlier today, JPMorgan also announced a $1.5 trillion, decade-long “Security and Resiliency Initiative” to bolster key U.S. industries, including energy, manufacturing, and defense.
The bank said it would invest up to $10 billion in equity and venture capital to support domestic companies driving innovation and strategic manufacturing.
JPMorgan: Bitcoin is undervalued
Earlier this month, JPMorgan research suggested Bitcoin may be undervalued compared to gold, with potential upside if the “debasement trade” continues. Analysts estimated Bitcoin could reach $165,000, about 450% above current levels, based on volatility-adjusted comparisons with gold.
They noted that Bitcoin is increasingly attractive relative to gold as the bitcoin-to-gold volatility ratio falls below 2.0.
Earlier this year, JPMorgan Chase also was said to consider a policy to lend directly against clients’ Bitcoin and crypto holdings, marking a potential first for the bank in accepting digital assets — not ETFs — as loan collateral.
Earlier in 2025, JPMorgan allowed clients to use Bitcoin ETFs as collateral and began including crypto holdings in net worth evaluations alongside traditional assets.
