JPMorgan Chase CEO Jamie Dimon announced that the bank will allow its customers to purchase Bitcoin, a significant shift for the largest US bank, despite Dimon's continued strong personal opposition to cryptocurrencies.
"We'll let you buy it... but we're not going to store it, we're just going to put it on the customers' statements," Dimon said during the bank's annual investor day on Monday.
A new step towards integration with the traditional market
This move comes at a time when cryptocurrencies are increasingly entering the mainstream investment landscape. Since last August, Morgan Stanley has allowed certain eligible clients access to Bitcoin exchange-traded funds (ETFs).
Informed sources indicate that JPMorgan is currently considering offering direct access to spot Bitcoin funds to clients, after previously offering only futures-based products.
Damon: "I disagree, but I defend your right."
Despite this move, Dimon did not change his hardline stance, saying, "I don't think you should smoke, but I defend your right to smoke... and I defend your right to buy Bitcoin."
He added that Bitcoin is linked to activities such as money laundering, human trafficking, and terrorism, with a lack of transparency regarding ownership.
Dimon has described Bitcoin on several previous occasions as:
Worthless (2021)
"Just a Pet Rock" Davos Forum 2024
"The only area used by criminals, drug traffickers, and tax evaders" (Senate Hearing 2023)
Regulatory changes boost the crypto market
JPMorgan's move comes in the context of broader regulatory openness under US President Donald Trump, with restrictions imposed by agencies such as:
Federal Deposit Insurance Corporation (FDIC)
Office of the Comptroller of the Currency (OCC)
The Federal Reserve (Fed), which still imposes some restrictions on banks' direct dealings with digital asset companies, despite allowing custody after the repeal of SAB 121.
Morgan Stanley CEO Ted Beck indicated during the Davos 2024 Forum that the bank is considering expanding its involvement in cryptocurrency markets, taking advantage of the more sector-friendly policies of the current US administration.
