JPMorgan Chase finally allows customers to buy Bitcoin, but CEO Jamie Dimon remains skeptical. "We will allow customers to purchase Bitcoin," Dimon said at the bank's annual investor day event on Monday. "We will not provide custody services, but will reflect the relevant transactions on customer statements."
JPMorgan Chase CEO Jamie Dimon
The decision is a notable move for the largest U.S. bank, especially given Dimon’s long history of criticizing digital currencies and the entire crypto market, and also marks Bitcoin’s further integration into mainstream investing. Since last August, Morgan Stanley has allowed its financial advisors to recommend certain spot Bitcoin exchange-traded funds (ETFs) to qualified clients.
Dimon made it clear that his personal views on Bitcoin have not changed, emphasizing that it has problems such as money laundering and unclear ownership, and said it is related to "sex trafficking and terrorism."
“I don’t think people should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy Bitcoin.”
A JPMorgan spokesman declined to elaborate on the bank’s specific plans to offer Bitcoin purchasing services. Previously, the company’s involvement in cryptocurrencies was mainly limited to futures products rather than direct Bitcoin holdings.
Dimon once called Bitcoin "worthless" as cryptocurrency valuations soared in 2021. At the end of 2023, he told lawmakers at a Senate hearing that he "has always been strongly opposed to cryptocurrencies, Bitcoin, etc." and said that "their only real use is for criminals, drug dealers... to use for money laundering and tax avoidance." He also said during the hearing that "if I were the government, I would shut it down."
At the 2024 World Economic Forum in Davos, Dimon said "Bitcoin is useless, I call it a 'pet stone.'" He added, "This is the last time I'm going to talk about this on CNBC, God willing."
Morgan Stanley CEO Ted Peake told CNBC at this year’s Davos forum that the investment bank is exploring ways to deepen its participation in the cryptocurrency market and look for opportunities under President Donald Trump’s pro-cryptocurrency government regulatory framework.
The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have withdrawn their anti-cryptocurrency guidance since Trump took office in January. Although banks can now custody cryptocurrencies thanks to the repeal of an accounting rule known as SAB 121, they still face restrictions on working directly with cryptocurrency companies without explicit approval from the Federal Reserve.