What’s happening on Wall Street? The most eye-catching news in the past two days is that JPMorgan Chase CEO Jamie Dimon publicly said some things that were once considered impossible to say.

This key figure at the world’s largest bank has gone from outright calling Bitcoin a fraud to now claiming that "cryptocurrencies have surpassed today’s financial system," and the speed of this shift is remarkable. Even more perplexing is his statement: "The debate is over. The transition has begun."

What transition? From which stage of the financial system to where?

**What’s Behind the Attitude Reversal**

This isn’t just a rallying cry from a crypto influencer; it’s a voice from the traditional financial power center. Everyone knows how important JPMorgan’s position is in the global financial system. When its CEO starts speaking like this, it hints at some deep-seated changes—perhaps a compromise with unstoppable technology, a reassessment of asset allocation strategies, or a rewriting of the entire game rules.

The key question is: Is this genuine embrace, or a strategic adjustment?

Why are former critics turning around? Some say it’s because of the approval of Bitcoin spot ETFs, with institutional investors entering faster than expected. Others believe it’s due to the liquidity scale and growth rate of the crypto market, which can no longer be ignored. Still, some think this is traditional financial elites being forced to participate in the new game—if you don’t enter, others will, and eventually you’ll be marginalized.

**The Gap Between Reality and Ideals**

But let’s be clear: attitude reversal alone isn’t enough. Regulatory frameworks are still in the exploratory stage, and countries’ positioning on crypto assets is still evolving. Technical bottlenecks of mainstream assets like Bitcoin and Ethereum (transaction speed, energy consumption) haven’t been fully resolved. The vested interests of traditional finance won’t collapse just because of a few words.

The phrase "the transition has begun" sounds grand, but what exactly does it mean? Is it about funds gradually flowing into the crypto market? about infrastructure upgrades? or about a complete revaluation of the entire value system?

These subtle differences will determine the market’s reaction magnitude.

**What Investors Should Think About**

When one of the biggest opponents starts signaling like this, market sentiment is bound to become volatile. Retail investors seeing this news might feel that a "big event is coming." Institutional investors may be assessing whether this attitude shift will lead to real capital flows.

What’s most intriguing is whether this will change the existing logic of the crypto market. Bitcoin and Ethereum already have substantial ecosystems and liquidity, but what if assets like PEPE, JOE, and others see a large influx of traditional capital? Will it be a liquidity feast, or will it intensify centralization risks, or even cause a fundamental revaluation of valuations?

Native crypto projects and investors need to think clearly: in this wave of "embrace," who benefits, and who might be overwhelmed?

**Genuine or Tactical**

From a purely rational perspective, Jamie Dimon’s statements may contain two elements—an acknowledgment of market realities and a strategic layout for his institution’s future. An institution aiming to maintain influence and competitiveness in the future can’t completely oppose this direction.

But acknowledgment and deep participation are two different things. How JPMorgan will engage in the crypto space, what products and strategies it will adopt—these details are the real indicators of the trend.

What do you think of this stance? Is it a genuine embrace, or a forced adaptation? Where will the boundaries between traditional finance and the crypto world be redrawn? These questions have no simple answers, but the direction of the answers will directly influence the market’s rhythm moving forward.