There is an interesting saying in the international financial circle: "MPI value tens of millions, JPM account worth billions." This is not just a numbers game, but reflects JPMorgan Chase's absolute position in the global financial system. For institutions looking to operate in cross-border payments, virtual assets, stablecoins, and other fields, JPMorgan Chase is both the only ticket to the dollar world and a touchstone for testing compliance bottom lines.

The story of the crypto exchange giant Coinbase best illustrates this point. Its founder openly stated that the reason the company has come this far is not primarily due to technological breakthroughs, explosive user growth, or regulatory friendliness, but because it found a strong banking partner—JPMorgan Chase. Since 2020, JPMorgan Chase has become Coinbase’s "benefactor" within the traditional financial system. The value of this partnership is beyond imagination: on one hand, it opens up the dollar channel; on the other, it has given Coinbase a "legitimacy" label in front of Wall Street. It’s important to note that the entire crypto industry has long been met with cold indifference by traditional banks, making such cooperation extremely rare.

The question is: the same bank has a completely different attitude towards Bitcoin. JPMorgan Chase CEO Jamie Dimon is a long-time opponent of the crypto camp. He calls Bitcoin a "scam," claiming it is mainly used for gray-area transactions. He has even publicly stated that he "will never touch Bitcoin in this lifetime." Even top Wall Street players like BlackRock are beginning to embrace Bitcoin ETFs, but Dimon remains steadfast. The decentralized nature of Bitcoin clearly conflicts with the values of traditional financial guardians like him. This contradictory stance is a true reflection of the complex relationship between traditional finance and the crypto world.