Practically since their inception, cryptocurrencies and traditional financial institutions have been at odds with one another.

Created in the wake of the 2009 financial recession that, in many ways, was incited by big banks, cryptocurrencies have continually presented a contrast to these institutions.

In Bitcoin’s founding white paper, the currency’s anonymous creator, Satoshi Nakamoto, noted several ways that it improved upon the existing financial infrastructure, including privacy and usability components that are especially prescient in the digital age.

Of course, it would take nearly a decade for cryptocurrencies to catch on in a significant way, inviting the attention of millions of users around the world. In posing a direct, headline-making opposition to big banks, Bitcoin and other cryptocurrencies quickly drew the ire of many financial leaders.

Most prominently, in 2017, JP Morgan Chase CEO Jamie Dimon described Bitcoin as a “fraud,” noting that it was “a good option for murders, drug dealers, and North Korea.”

His commentary framed the debate about cryptocurrencies, placing traditional financial institutions in opposition to this emerging financial instrument. At the same time, these banks are investing heavily in crypto’s underlying technology, the blockchain, in developing their own digital currencies, and in offering crypto-adjacent investment products.

The odd juxtaposition between their public criticism and private enthusiasm is indicative of the important role that cryptocurrencies will play in the future of finance.