JPMorgan CEO Jamie Dimon confirmed during JPMorgan’s annual investor day on May 19 that the bank will soon allow its clients to buy Bitcoin (BTC). However, the financial giant will not offer custody services for the asset.
“We are going to allow you to buy it,” Dimon said. “We’re not going to custody it. We’re going to put it in statements for clients.”
According to CNBC, JPMorgan plans to offer access to Bitcoin via exchange-traded funds (ETFs), not through direct holdings of the cryptocurrency. This marked a significant shift for one of Wall Street’s most influential institutions, which had restricted client crypto exposure to futures-based products until now.
Jamie Dimon Softens Tone on Bitcoin, But Criticism Remains
Dimon’s comments indicate a reluctant yet practical acknowledgment of rising client demand for digital assets, despite his consistent criticism of the crypto sector over the years.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon added.
Still, the JPMorgan CEO didn’t shy away from voicing concerns. He referenced Bitcoin’s role in money laundering, sex trafficking, and terrorism, continuing his long-standing narrative that the asset poses significant regulatory and ethical risks.
A History of Bitcoin Skepticism
Dimon has been one of the most vocal critics of Bitcoin among traditional finance executives. In 2018, he called it a “scam”, and during the 2021 bull market, he declared it “worthless.” At a 2023 Senate Banking Committee hearing, he went further, stating that if he were in government, he would “shut it down.”
At the 2024 World Economic Forum in Davos, even after Bitcoin surpassed the $100,000 milestone, Dimon mocked the asset by calling it “the pet rock” and dismissing it as something that “does nothing.”
Despite his criticisms, JPMorgan’s move reflects growing institutional adoption, especially after the January 2024 launch of spot Bitcoin ETFs in the U.S., which have since attracted over $42 billion in inflows.
JPMorgan Joins Rivals in Bitcoin Access
JPMorgan’s move brings it in line with competitors such as Morgan Stanley, which recently began offering access to spot Bitcoin ETFs for qualifying clients. The decision signals that traditional financial institutions can no longer ignore Bitcoin’s mainstream momentum.
Although JPMorgan will not custody the crypto itself, allowing clients to buy and track Bitcoin through ETF vehicles is a clear sign that institutional resistance is giving way to investor demand.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
