Wall Street Crypto Believer Exposed: The Institutional Double Standard Revealed
Private accumulation beneath public dismissal.
Strategy CEO Phong Le says JPMorgan chief Jamie Dimon privately supports Bitcoin, despite years of public attacks on it.Le made the half-joking claim on Natalie Brunell’s Coin Stories podcast.
The inevitable marriage of old and new.
Strategy, formerly MicroStrategy, is a US software firm that became the biggest corporate owner of Bitcoin (BTC).The company holds about 846,000 coins, roughly 4% of all Bitcoin in existence.
“I think Jamie Dimon is a Bitcoiner behind the scenes, but he’ll say what he needs to say externally.I think everyone is a Bitcoiner privately once they learn and understand Bitcoin,” he said.
Le said he does not want MicroStrategy to become a bank.Instead, he wants it at the center of Bitcoin-based finance, building and selling investment products the way JPMorgan does on Wall Street.
He also pushed back on the idea that Bitcoin will replace banks.In his view, it will improve the current system, and the US dollar will stay.Le added that Bitcoin and artificial intelligence (AI) are the two most important technologies of this century.
"There are cryptocurrencies that do something, that might have value.And then there's one that does nothing, I call it pet rock.The itcoin, or something like that," says CEO Jamie Dimon."It has some use cases.Everything else is people trading among themselves."
“We are going to have some kind of digital currency at some point.I’m not against crypto.You know, Bitcoin itself has no intrinsic value.It’s used heavily by sex traffickers, money launderers, ransomware…I just don’t feel great about Bitcoin.I applaud your ability to wanna buy or sell it.Just like I think you have the right to smoke, but I don’t think you should smoke,” Dimon said in the interview.
The hypocritical fortress of legacy finance.
Yet his bank has moved closer to crypto.In October 2025, JPMorgan said institutional clients could use Bitcoin as collateral for loans, with third-party firms holding the coins.
In the same way, JPMorgan has been involved in the cryptocurrency space.The financial giant currently holds a substantial position in Bitcoin ETFs, reflecting the firm’s interest in digital assets.Its investments in crypto ETFs suggest that the bank recognizes the potential of digital assets.
BREAKING: JPMorgan bought $400M of iShares Bitcoin ETF in Q2
iShares IBIT position jumped to 17.8M shares, now worth $650M
“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit,” Trump said.
Convergence of code and capital.
However, Dimon’s most recent comments indicate he remains critical of Bitcoin, despite Trump’s suggestion of a shift in his views.
Dimon still fights crypto firms that act like banks.In May 2026, he said US banks would fight the CLARITY Act, a bill setting rules for US crypto markets.His objection centers on rewards paid to holders of stablecoins, digital tokens pegged to the dollar.
Brunell closed the exchange by citing MicroStrategy co-founder Michael Saylor’s view that everyone is against Bitcoin before they are for it.
Everyone is against Bitcoin before they are for Bitcoin.
"What the wise do in the beginning, fools do in the end." — Benjamin Franklin
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Disclaimer
This analysis is synthesized from aggregated market data and institutional research insights. It is provided for informational purposes only and should not be construed as financial advice. Cryptocurrency investments carry high risk; please conduct your own due diligence before making any investment decisions.
