Did you know? The attitude of traditional financial giants towards Bitcoin has never been truly about looking down on it, but rather genuine fear.

Take JPMorgan Chase as an example. This longstanding financial powerhouse constantly claims in public that Bitcoin is a scam, yet behind the scenes, it invests heavily in blockchain technology. What is the hidden reason behind this contradictory behavior?

The core reason JPMorgan Chase is nervous is because Bitcoin threatens its most fundamental利益—the monopoly of the US dollar in the global financial system. As a key player in the US financial system, JPMorgan controls over $3 trillion in assets and holds significant influence in the US economy. As early as the 2008 financial crisis, it directly participated in the US Treasury’s rescue efforts. This power and status stem from the entire dollar-centered financial system.

But the emergence of Bitcoin has changed everything. This decentralized asset completely bypasses traditional banks’ intermediary role, allowing people to conduct peer-to-peer transactions directly without any financial institution’s involvement. What’s more concerning is that as more people start to trust code rather than banks, the entire credit network built by JPMorgan could face threats.

Interestingly, JPMorgan’s response has been to launch its own JPM Coin, attempting to use blockchain technology to maintain its position. It’s just a different guise for the dollar—wanting to retain the technological advantages of blockchain while ensuring control over financial flows.

Even more ironic, JPMorgan CEO Jamie Dimon publicly called Bitcoin a scam, yet also acknowledged it as a “clever invention.” This contradictory statement precisely reflects their deep understanding of the real threat Bitcoin poses.

This battle between the US dollar and Bitcoin is essentially a collision between centralized finance and decentralized assets. Whether traditional financial institutions can maintain their current status through technological innovation, or whether they will ultimately be swept away by the tide of history, is a question worth our ongoing attention.