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JPMorgan’s Jamie Dimon declares we’re in a bull market, calls momentum a ‘little tsunami’

JPMorgan’s Jamie Dimon declares we’re in a bull market, calls momentum a ‘little tsunami’

The man who once called Bitcoin a fraud now says market momentum is nearly impossible to stop, but warns the next crisis will be worse than expected

JPMorgan Chase & Co. (JPM) price

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Market cap
$892.6B (shares as of 2026-06-30)
P/E (trailing)
14.4 (EPS to 2026-06-30)
Annual revenue
$182.4B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+2.8% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
57,048,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
Unavailable
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

JPMorgan Chase & Co. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
JPMorgan Chase & Co. JPM · Price dated Oct 27, 2026 · tokenized JPMx $336$892.6B14.4Unavailable$182.4BFY ended 2025-12-31 · 10-K+2.8%FY ended 2025-12-31 vs 2024-12-31 · 10-K57,048,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Bank of America Corporation BAC · Price dated Oct 27, 2026 · tokenized BACx $51$354.4B11.7Unavailable$113.1BFY ended 2025-12-31 · 10-K+6.8%FY ended 2025-12-31 vs 2024-12-31 · 10-K30,509,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Wells Fargo & Company WFC · Price dated Oct 27, 2026 $83$248.1B11.7Unavailable$83.7BFY ended 2025-12-31 · 10-K+1.7%FY ended 2025-12-31 vs 2024-12-31 · 10-K21,338,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
Citigroup Inc. C · Price dated Oct 27, 2026 $123$205.8B13.2Unavailable$85.2BFY ended 2025-12-31 · 10-K+5.6%FY ended 2025-12-31 vs 2024-12-31 · 10-K14,306,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 10:16 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Jamie Dimon, the CEO of JPMorgan Chase, speaking publicly between June 21 and 23, described current market momentum as a “little tsunami” that is “very hard to stop.”

The S&P 500 has risen significantly over the past 12 months, a run that has persisted through geopolitical tensions and sticky economic headwinds. Dimon acknowledged this resilience but maintains a cautious long-term outlook, suggesting that economic cycles eventually end and that the next crisis could be more severe than most people currently expect.

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The Dimon paradox on crypto

His bull market declaration contained zero mention of cryptocurrency, Bitcoin, or digital assets. This is the same Jamie Dimon who called Bitcoin a “fraud” back in 2017. Since then, JPMorgan has launched its own blockchain-based payment system, explored tokenized deposits, and started providing banking services to crypto exchanges. The bank has also shown increasing interest in Bitcoin ETFs and stablecoins as institutional adoption has accelerated.

Multiple crypto-focused publications picked up Dimon’s remarks within a day or two, connecting his bullish sentiment to general market conditions that have historically correlated with stronger performance in risk assets, including digital currencies.

What this means for investors

For crypto investors, bull markets in traditional equities tend to create a rising-tide effect across risk assets. The more important signal may be the long-term warning buried inside the bullish headline. Dimon anticipates future crises that are “more severe than currently expected.” The question for crypto holders becomes whether Bitcoin’s narrative as a hedge against institutional failure holds up in practice, or whether it sells off alongside everything else the way it has in previous market shocks.

JPMorgan’s expansion into crypto infrastructure suggests the bank is positioning for a world where digital assets are a permanent fixture of the financial landscape. Traders watching for the next major institutional catalyst should pay less attention to what Dimon says about crypto and more attention to what JPMorgan actually does with it.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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