JPMorgan CEO Jamie Dimon announced that the bank will soon enable its clients to purchase Bitcoin, though it will not offer custody services for the digital asset.
Speaking at JPMorgan’s annual investor day on May 19, Dimon stated, “We’re going to let you buy it. We won’t hold it, but we’ll include it on client statements.”
According to CNBC, Dimon reiterated his long-standing criticism of cryptocurrencies, citing their links to illegal activities such as money laundering, human trafficking, and terrorism. He added, “I don’t think people should smoke, but I support their right to do it. Similarly, I support your right to buy Bitcoin.”
JPMorgan plans to offer access to Bitcoin exchange-traded funds (ETFs), CNBC reported, referencing individuals familiar with the matter. Up to now, the bank has only offered limited crypto exposure, mainly through futures products, rather than direct asset ownership.
Meanwhile, competitor Morgan Stanley has already begun offering spot Bitcoin ETF access to eligible clients. These ETFs have gained traction in the U.S., pulling in nearly $42 billion in inflows since their launch in January 2024.
Dimon’s Rocky Relationship with Bitcoin
Dimon has long been critical of Bitcoin, famously calling it a fraud in 2018 and declaring it “worthless” during the 2021 crypto boom. He told lawmakers in a 2023 Senate Banking Committee hearing that he believes the asset primarily serves criminals and tax evaders.
“If I were in charge, I’d shut it down,” he said at the time.
Even after Bitcoin surpassed $100,000 in early 2024, Dimon maintained his dismissive stance, stating at the World Economic Forum in Davos: “It’s useless. I call it the pet rock.”
