Once quick to dismiss Bitcoin outright, he is now taking a more balanced stance, particularly when it comes to stablecoins.

In his latest remarks, Dimon argued that dollar-pegged tokens are unlikely to drain deposits from banks. The real challenge, he suggested, lies in preparing the financial system for a technology that is rapidly gaining traction overseas.

Global appetite for stablecoins tied to the U.S. dollar is growing, and Dimon hinted that JPMorgan may play a role in shaping how they are used, possibly through a collaborative consortium.

When the conversation turned to monetary policy, Dimon sounded far less optimistic. He warned that inflation, stuck around 3%, could climb higher and prevent the Federal Reserve from continuing its recent rate-cutting cycle.

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The market may be pricing in aggressive easing – futures data shows traders expect cuts in both October and December—but Dimon cautioned that the Fed’s hands may be tied if inflation refuses to ease.

The contrast between growing momentum in crypto adoption and lingering concerns over U.S. economic stability highlights the unusual position of one of Wall Street’s most influential voices: no longer dismissing digital assets outright, yet still warning that the bigger challenge lies with inflation and the Fed’s limited room to maneuver.

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