At JPMorgan’s annual investor day, Dimon confirmed that the bank will soon allow clients to buy Bitcoin, though the firm will stop short of providing custodial services. Dimon said:
“We are going to allow you to buy it, but we’re not going to custody it. We’re also going to put it in statements for clients.”
Despite the new offering, Dimon made it clear that his own stance on Bitcoin hasn’t shifted. He has long been one of Wall Street’s most vocal critics of the digital asset, once likening it to “smoking” and questioning its legitimacy. At the World Economic Forum in Davos in 2024, he doubled down on that view, describing Bitcoin as a “hyped-up fraud” and a “pet rock.”
Strategy Co-Founder Michael Saylor Reiterating JPMorgan CEO’s Words
Source: X (@saylor)
“Bitcoin does nothing,” Dimon said during a CNBC interview at the time, continuing his argument that the cryptocurrency lacks intrinsic value and is often misused. On Sunday, he reiterated that perspective, citing concerns related to criminal activities. “I don’t think you should smoke, but I defend your right to smoke,” Dimon remarked. “I defend your right to buy Bitcoin.”
He also noted the ongoing issues surrounding Bitcoin’s ownership structure and its association with money laundering, terrorism financing, and illicit trafficking.
While Dimon remains wary, the institution he leads appears ready to expand its crypto services. JPMorgan is reportedly actively exploring ways to provide clients with access to spot Bitcoin exchange-traded funds (ETFs).
Until now, the bank’s crypto offerings have largely been limited to futures-based products. Allowing access to spot ETFs would align JPMorgan more closely with competitors such as Morgan Stanley, which recently began allowing its financial advisors to recommend spot Bitcoin ETFs to qualified investors.
JPMorgan’s pivot comes at a time when institutional appetite for cryptocurrency exposure is growing. Regulatory dynamics in the U.S. have also been evolving, especially under the new, more crypto-friendly Trump administration.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) continues to pursue legal action against several major crypto firms. Nonetheless, there’s an increasing sense that clearer guidelines may pave the way for greater institutional participation.
Adding to this momentum, the Federal Deposit Insurance Corporation (FDIC) recently updated its guidance for crypto engagement. The agency announced that FDIC-supervised banks can participate in crypto-related activities without seeking prior approval, provided they establish and maintain adequate risk management systems.
In addition to reiterating his doubts about Bitcoin, Dimon also expressed skepticism about the long-term significance of blockchain technology itself. He said:
“We have been talking about blockchain for 12 to 15 years now. We spend too much on it. It doesn’t matter as much as you all think.”
That comment stands in contrast to his earlier views, where he acknowledged the utility of blockchain for improving financial infrastructure.
Despite Dimon’s personal doubts, however, JPMorgan remains deeply involved in the development of blockchain-based solutions. The bank has launched several such initiatives, including JPM Coin, a digital token designed to facilitate real-time payments and settlements between institutional clients.
Additionally, the bank’s in-house blockchain platform, Kinexys, conducted its first test transaction by settling a tokenized U.S. Treasury bond on Ondo Chain’s testnet.
Despite JPMorgan’s decision to provide Bitcoin access to its clients, the bank’s leadership continues to strike a cautious tone. Jamie Dimon’s personal views on Bitcoin have not softened, but the firm is moving forward to meet client demand and remain competitive.
As regulatory frameworks evolve and investor interest in crypto assets persists, institutions like JPMorgan may continue to expand their crypto offerings, carefully balancing innovation with risk mitigation.
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