Jamie Dimon is backpedaling on bitcoin.

Dimon is the CEO of JPMorgan Chase (JPM), one of the largest U.S. banks. And like many high-ranking bank executives, he’s been highly critical of cryptocurrencies.

In September, he called bitcoin a “fraud.” He also said the market for bitcoin is a giant bubble, among other things:

It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.

A month later, Dimon doubled down on his criticism. This time, he said people who bought bitcoin were “stupid” and that they’ll “pay the price for it one day.”

Those are serious claims.

• After all, Dimon’s one of the most powerful people on Wall Street…

When he speaks, investors take notice.

That said, Dimon’s comments aren’t that surprising.

That’s because bitcoin’s a decentralized currency. It eliminates the need for central authorities—namely big banks like JPMorgan Chase—to settle transactions. This makes it a direct threat to the banking establishment.

So, it’s obvious why Dimon would criticize bitcoin. He was looking out for his own interests.

What’s far more surprising is that Dimon recently changed his mind.

• Last month, Dimon said he regrets calling bitcoin a fraud…

He also told Fox News that “the blockchain is real.” The blockchain is the technology that underpins bitcoin and every other cryptocurrency.

More importantly, JPMorgan is now taking a serious look at cryptos.

You see, JPMorgan published a lengthy report on cryptocurrencies last week. In this report, the authors explain why cryptos are here to stay:

[Cryptocurrencies] are unlikely to disappear completely and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity.

This is a huge deal. Just a few months ago, JPMorgan called cryptos a scam. Now, it’s telling people to get used to them.