Jamie Dimon, CEO of JPMorgan, announced during the bank’s annual investor day on May 19 that clients will soon be able to buy Bitcoin. However, he clarified that while the bank will facilitate purchases, it will not offer custody services for the cryptocurrency.
“We’re going to allow you to buy it,” Dimon stated. “We’re not going to custody it. We’re going to put it in statements for clients.”
According to CNBC, JPMorgan plans to provide access to Bitcoin (BTC) exchange-traded funds (ETFs), expanding beyond its current offerings, which have been limited to futures-based crypto products. This move follows similar steps taken by competitors like Morgan Stanley, which now offers spot Bitcoin ETFs to eligible clients.
Spot Bitcoin ETFs have gained strong traction in the U.S., accumulating nearly $42 billion in inflows since their debut in January 2024.
Despite this shift, Dimon remains openly critical of crypto. He reiterated his concerns about its use in illicit activities such as money laundering and terrorism financing. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said.
Dimon’s skepticism of Bitcoin is well-documented. In the past, he has called it a “scam,” “worthless,” and only useful to criminals. In 2023, he told the Senate Banking Committee, “If I were the government, I’d close it down.” Earlier in 2024, after Bitcoin surpassed $100,000, he mocked the asset by calling it a “pet rock” during a panel at the World Economic Forum in Davos.
Still, despite Dimon’s harsh criticisms, JPMorgan’s latest move signals growing institutional interest in providing clients with exposure to Bitcoin through regulated channels.
