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Jamie Dimon, the CEO of JPMorgan, said his bank will soon allow its clients to buy Bitcoin, but it won’t custody the cryptocurrency.

“We are going to allow you to buy it,” Dimon said at JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”

CNBC reported that Dimon also remarked on his long-held skepticism about crypto assets, pointing to their use in money laundering, sex trafficking and terrorism.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said.

JPMorgan will offer clients access to Bitcoin exchange-traded funds (ETFs), CNBC reported, citing sources familiar with the situation. Until now, the firm has limited its crypto exposure primarily to futures-based products, not direct ownership of digital assets.

JPMorgan rival Morgan Stanley has also moved to offer spot Bitcoin ETFs to qualifying clients. Spot Bitcoin ETFs in the US have seen significant adoption, with almost $42 billion in total aggregate inflows since they launched in January 2024.
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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.
The post appeared first on CryptosNewss.com
#JPMorgan #BitcoinETFs #Bitcoin❗ $BTC

JPMorgan will allow clients to buy bitcoin, marking a shift in strategy, even as CEO Jamie Dimon maintains his staunch skepticism about the asset.
JP Morgan has announced plans to allow its customers to buy bitcoin despite CEO Jamie Dimon's long-standing skepticism about the cryptocurrency.
The financial giant recently completed its first public transaction of tokenized Treasuries.


JPMorgan Embraces Bitcoin Trading While CEO Remains Skeptical
JPMorgan will allow clients to buy Bitcoin, its CEO Jamie Dimon said at a recent investor day.
The decision is a clear U-turn for the $4 trillion asset manager, which has recently taken a measured stance in embracing cryptocurrency investments.
The bank has already begun expanding its blockchain footprint and recently officially closed its first publicly announced tokenized treasury transactions.
The transactions involved partnerships with Chainlink and Ondo Finance. It signals JPMorgan’s growing familiarity with blockchain technology, even as it approaches some cryptocurrencies with caution.
The announcement follows growing mainstream interest in cryptocurrencies during 2025.
Dimon's recent statement comes as Strategy bought 7,390 BTC and is facing a lawsuit over its $BTC hoarding plans.
However, the bank’s new Bitcoin product doesn’t seem to have changed Dimon’s personal opinion on cryptocurrency.
Earlier this year, the JPMorgan executive described Bitcoin as a “Ponzi scheme” with no real value. He also continued his history of skepticism about the asset.
Dimon has consistently maintained that position, even as his firm offers bitcoin-related services to meet client demand. During his speech, he also said he is not a fan of Bitcoin.
“I don’t know who Bitcoin itself is for, but I defend your right to smoke a cigarette. I will defend your right to buy Bitcoin. I personally would never buy Bitcoin,” Dimon stated in early 2024.

Bank expands blockchain services but rules out $BTC custody.
While JPMorgan is expanding its cryptocurrency offerings to include Bitcoin purchases, the bank has made it clear that it will not provide custody services for the digital asset.
This selective approach allows the institution to respond to client interest in Bitcoin without fully embracing all aspects of the cryptocurrency infrastructure.
The bank’s approach appears to address customer demand for Bitcoin exposure while maintaining boundaries around its level of involvement with cryptocurrencies.
By offering non-custodial trading capabilities, JPMorgan creates a middle ground that acknowledges market interest while limiting certain operational and regulatory risks of holding crypto.
This measured approach allows the bank to participate in the growing digital asset market without contradicting its leadership's publicly expressed concerns about bitcoin's fundamental value.
Their statement comes at a time when Bitcoin is down just 3.7% from its all-time high of $109,000.

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