Strategy CEO Phong Le said JPMorgan CEO Jamie Dimon may privately support Bitcoin, despite Dimon’s long-standing public criticism of the cryptocurrency. Le made the remark, partly in jest, during an episode of Natalie Brunell’s Coin Stories podcast. His comments drew attention because JPMorgan has continued to expand its digital-asset services while Dimon has remained publicly skeptical of Bitcoin.
Strategy, formerly known as MicroStrategy, is one of the largest publicly listed corporate holders of Bitcoin. The company holds about 846,000 Bitcoin, equivalent to roughly 4% of the cryptocurrency’s existing supply. Following its rebrand, Strategy has continued to focus on Bitcoin holdings and related financial strategies, shifting its profile from a conventional software company toward digital-asset finance.
How Phong Le interprets Dimon’s position
During the program, Brunell asked how Dimon might view Strategy becoming “the JPMorgan of Bitcoin.” Le responded with a laugh: “I think Jamie Dimon is privately a Bitcoiner, but publicly he’s going to say what he needs to say.” Le added that once people learn about and understand Bitcoin, “privately, they all become Bitcoiners.”
Le also said he does not want Strategy to become a bank. His goal, he said, is for the company to become a core platform in the Bitcoin financial system, similar to JPMorgan’s role on Wall Street, by developing and selling investment products and financial services linked to Bitcoin.
He rejected the idea that Bitcoin will replace banks. In Le’s view, Bitcoin is more likely to improve the existing financial system than eliminate banks entirely, while the US dollar will continue to play a central role. He described Bitcoin and artificial intelligence as the two most important technologies of the century.
Dimon’s public comments remain critical of Bitcoin
Dimon’s public statements over the past several years do not support Le’s interpretation. In 2024, Dimon described Bitcoin as a “pet rock” that does nothing. In January 2025, he compared buying Bitcoin with smoking, saying people had the right to do it but that he did not believe they should.
Dimon said at the time that some form of digital currency could emerge in the future, but argued that Bitcoin itself had no intrinsic value. He also said cryptocurrencies were used in activities including human trafficking, money laundering and ransomware. At the same time, he said he was not opposed to people buying and selling Bitcoin, comparing that choice with the right to smoke while making clear that he did not consider smoking desirable.
Those remarks indicate that Dimon’s publicly stated view of Bitcoin remains cautious, and often negative. Le’s claim that Dimon privately supports Bitcoin is therefore a personal assessment, not a position Dimon has publicly confirmed.
JPMorgan continues to build digital-asset services
Despite Dimon’s repeated criticism, JPMorgan has not withdrawn from the digital-asset market. In October 2025, the bank said institutional clients could use Bitcoin as collateral for loans, with the Bitcoin held by a third-party custodian.
JPMorgan also holds a sizeable position in Bitcoin exchange-traded funds. The bank’s involvement in digital-asset products suggests that an institution’s commercial strategy can differ from the public views expressed by its chief executive. JPMorgan can continue assessing business opportunities in digital assets while maintaining concerns about Bitcoin’s uses, valuation and regulatory risks.
Disputes over crypto rules remain unresolved
Dimon’s criticism extends beyond Bitcoin itself. In May 2026, he said the US banking industry would oppose the CLARITY Act, legislation intended to establish a regulatory framework for the US cryptocurrency market. His main objection concerned provisions that would allow rewards to be paid to stablecoin holders.
That context helps explain why Le views JPMorgan as a model for Strategy. JPMorgan has an established banking, capital-markets and institutional-client network, while Strategy is seeking to build a new platform of Bitcoin-focused financial products and services. The companies have different forms of digital-asset exposure and do not share the same public stance, but the boundaries between banking and crypto finance continue to shift.
At the end of the program, Brunell cited Strategy co-founder Michael Saylor’s view that many people oppose Bitcoin before they fully understand it. Le’s comments about Dimon follow that same line of reasoning. As of now, however, Dimon has not publicly acknowledged supporting Bitcoin, and JPMorgan’s digital-asset activities cannot by themselves be treated as evidence that his personal position has changed.