JPMorgan Chase, the leading US banking institution, is poised to enable clients to purchase Bitcoin, as revealed by CEO Jamie Dimon during the bank’s annual investor day on Monday.
During his remarks, Dimon stated, “We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients.” This marks a shift in the bank’s crypto policies, although it maintains a cautious stance regarding direct custody of digital assets.
Historically, Dimon has been vocal in his skepticism towards Bitcoin, often comparing the cryptocurrency to smoking. He previously argued that Bitcoin lacks intrinsic value and is frequently exploited by illicit actors.
At the World Economic Forum in Davos earlier this year, Dimon reiterated his critical stance, labeling Bitcoin as something that “does nothing,” while referring to it as a “pet rock” and a “hyped-up fraud.”
This latest announcement does not alter his personal views on Bitcoin; Dimon emphasized ongoing concerns regarding the digital currency’s potential for misuse, such as in drug trafficking, terrorism, and other criminal activities. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he reiterated.
“I defend your right to buy Bitcoin.” – Jamie Dimon, JPMorgan CEO https://t.co/zc8CjKdAb9
— Michael Saylor (@saylor) May 19, 2025
This development follows a similar initiative by Morgan Stanley, which has begun permitting financial advisors to offer spot Bitcoin exchange-traded funds (ETFs) to qualified clients.
JPMorgan Reportedly Plans to Offer Bitcoin ETF Access
A source familiar with the situation communicated to Finance Newso that the bank is exploring options to enhance client access to Bitcoin ETFs. Until now, JPMorgan’s involvement in cryptocurrency has primarily consisted of offering bitcoin futures rather than facilitating direct Bitcoin ownership.
These changes arrive against the backdrop of a shifting regulatory climate, particularly under the current pro-crypto Trump administration. The SEC, led by Gary Gensler, has engaged in legal battles against a number of cryptocurrency firms.
The growing institutional acceptance of cryptocurrencies, largely driven by major fintech companies and traditional banks, comes as the Federal Deposit Insurance Corporation (FDIC) released updated guidance indicating that FDIC-supervised institutions can partake in crypto-related activities without needing prior approval, provided they properly manage associated risks.
Dimon Downplays Blockchain’s Importance
During his comments, Dimon also downplayed the significance of blockchain technology, suggesting it is overhyped. “We have been talking about blockchain for 12 to 15 years,” he remarked. “We spend too much on it. It doesn’t matter as much as you all think.”
While he has previously acknowledged some practical applications of blockchain, Dimon’s perspective appears to have shifted recently.
Despite this, JPMorgan continues to integrate blockchain technology into its operations, exemplified by the bank’s JPM Coin and its proprietary blockchain platform, Kinexys, which recently completed its first test transaction by settling a tokenized U.S. Treasury transaction on Ondo Chain’s testnet.
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