While JPMorgan Chase CEO Jamie Dimon has publicly expressed his opposition to cryptocurrencies, his bank has recently taken steps that suggest different sentiments. Earlier this month, during a U.S. Senate hearing, Dimon reiterated his skeptical stance on cryptocurrencies, labeling their only true use case to be illegal activities. However, it was revealed that JPMorgan will be playing a significant role in BlackRock’s potential bitcoin ETF if approved.

The contradiction between Dimon’s repeated criticism of cryptocurrencies and JPMorgan’s involvement in BlackRock’s proposed bitcoin ETF has raised eyebrows in the industry. JPMorgan will be an authorized participant in the ETF, contributing to ensuring accurate prices and smooth trading in all market conditions. This has led some to suggest that Dimon’s stance amounts to hypocrisy.

The powerful allure of potential profits seems to be overpowering moral concerns within the finance sector. This has been shown not only by JPMorgan but also other traditional finance players like Jane Street and Cantor Fitzgerald, who have also agreed to be authorized participants for Bitcoin ETFs. These moves illustrate the influence of the current Bitcoin hype and suggest that even the most steadfast critics may not be immune to the potential worth of involvement in cryptocurrency markets.