What to Know
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JPMorgan is selling a Bitcoin-based product despite years of anti-BTC comments from CEO Jamie Dimon.
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John Deaton called out this contradiction, saying Wall Street wants in before everyday people catch on.
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Bitcoin reacted positively, rising nearly 4% in 24 hours as institutional products boosted investor confidence.
John Deaton, a US Veteran and Attorney, is calling out JPMorgan and CEO Jamie Dimon this time for repeatedly attacking BTC in public while the bank quietly builds financial products based on it.
This reaction came after news that JPMorgan is now offering institutional investors a new structured product tied to BlackRock’s Bitcoin ETF, IBIT. The product promises higher returns if Bitcoin performs well by 2028 and even includes some protection if prices drop. But the bigger story is the bank’s changing behavior especially after years of criticism from its CEO.
Deaton Calls Out Dimon’s Comments
Replying to a post by Eric Balchunas about JPMorgan’s new Bitcoin-linked note, Deaton shared how he first bought Bitcoin in 2016. When Jamie Dimon publicly called Bitcoin a “fraud” the following year, Deaton said he bought even more. In his own words, “I could see how Bitcoin threatened everything Jamie Dimon stood for. It made me believe in the asset class even more.”
I’ve told this story several times in interviews. I first acquired Bitcoin in 2016. When Jamie Dimon called Bitcoin a fraud, I bought more. I could see how Bitcoin threatened everything Jamie Dimon stood for. It made believe in the asset class even more. Considering @jpmorgan had… https://t.co/yQ1G42neOm
— John E Deaton (@JohnEDeaton1) November 27, 2025
Deaton pointed out that JPMorgan has paid more than $40 billion in fines for market manipulation and other violations over the years. He also mentioned the bank’s financial ties to financing the infamous Epstein Island. According to Deaton, Dimon attacking Bitcoin while his own bank faced fraud-related penalties showed clear hypocrisy. He ended his message with a sharp statement, “And now, JPMorgan is offering a Bitcoin-backed bond. Jamie Dimon is the fraud.”
What JPMorgan’s New Product Does
This is how JPMorgan is giving its clients a way to profit if BTC rises in the coming years. JPMorgan sets a price level for IBIT aka BlackRock’s Bitcoin ETF. If IBIT reaches or beats that price within a year, the investment ends early and investors earn a guaranteed 16% return and if it doesn’t, the investment extends until 2028.
Furthermore, if IBIT crosses the second price level by 2028, investors earn 1.5× their money, with no limit on upside where as if it drops in 2028 but not more than 30%, investors get their full original investment back. And finally, if IBIT falls more than 30%, investors take the loss.
Why This Matters
JPMorgan’s relationship with Bitcoin has always been strange. While Jamie Dimon calls Bitcoin “worthless” and warns governments will “crush it,” the bank still provides banking services to crypto companies while running its own blockchain projects and now even selling a Bitcoin-based investment note to clients.
Deaton highlighted this contradiction, saying it proves big banks do not actually hate Bitcoin, they just don’t want regular people to believe in it before Wall Street is ready. This is also heavily seen when big companies like Strategy are hoarding BTC, going completely against what Bitcoin initially stood for, aka for the masses. His message resonated across the crypto community because it reflects a pattern many have noticed: big institutions and banks criticize Bitcoin publicly, but privately prepare to profit from it.
BTC Price Action
While JPMorgan’s move sparked debate and drew strong criticism, the market itself responded in a completely different way. Bitcoin actually jumped nearly 4% in the last 24 hours, even though it has been down almost 20% for the month. The sudden rise shows that investor confidence is returning just when institutions are rolling out new Bitcoin products.
A big part of this push came from new offerings like JPMorgan’s Bitcoin-linked notes and similar products from Morgan Stanley. Traders also reacted to Bitcoin testing the important $89,000 level again. At the time of writing, BTC is currently trading at $91,407.
Final Thoughts
JPMorgan’s new Bitcoin product may look like a simple investment tool, but the reaction it triggered reveals something deeper. As institutions quietly build their BTC exposure, everyday investors are starting to see through the mixed messages. Whether one agrees with Deaton or not, the growing gap between what big banks say about Bitcoin and what they actually do is becoming impossible to ignore. With Bitcoin showing price strength despite a rough month, it’s clear that institutional involvement continues to shape the crypto market’s next chapter.
Also Read: Bitcoin Price Reclaims $90k as US Jobless Claims Slip to 216k
