Binance CEO Richard Teng attention to the stunning transformation in how crypto is perceived. In a recent post on X, Teng contrasted the 2017 skepticism with today’s wave of institutional adoption.
“Skeptics in 2017 said crypto was a scam,”
His comments highlight how dramatically the financial landscape has evolved in just a few years. What was once viewed as a fringe technology is now being embraced by some of the largest financial institutions in the world.
Among the clearest signs of this shift is JPMorgan Chase’s plan to offer loans backed by crypto holdings such as Bitcoin and Ethereum. According to , the bank could roll out the service as early as 2026.
The move would mark a complete reversal from CEO Jamie Dimon’s harsh 2017 stance when he famously called Bitcoin a fraud. Today, Dimon says he doesn’t personally engage in crypto but defends others’ right to own it, likening it to smoking.
JPMorgan has already started lending against crypto ETFs, but accepting direct crypto as collateral would be a deeper step into the digital asset space.
The broader banking sector is quickly warming to crypto. PNC Bank has partnered with Coinbase to offer crypto services to its institutional clients. The partnership allows PNC users to buy, hold, and sell digital assets using Coinbase’s infrastructure, without needing to directly manage the complexities of crypto custody.
In return, PNC will also provide banking services to Coinbase, creating a mutually beneficial connection between traditional finance and digital asset platforms.
Meanwhile, Morgan Stanley is planning to offer spot crypto trading via its E*Trade platform by 2026, targeting retail investors. Goldman Sachs remains cautious but is reportedly exploring broader crypto involvement.
Regulatory clarity is helping accelerate this momentum. Last week, the U.S. House of Representatives passed a bill focused on stablecoin oversight. This paved the way for the into law last week, marking a historic win for the crypto industry. The move has given banks more confidence to expand their crypto offerings.
While banks are entering the space, corporate treasuries are doubling down. July saw several high-profile Bitcoin acquisitions:
Essentially, the position of crypto in the global financial industry has fundamentally changed. Institutions that once called it a scam are now building financial products and services around it. The future that crypto believers imagined in 2017 is starting to unfold, and this time, Wall Street is all in.
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