💰 JPMorgan Opens Doors for Bitcoin
Jamie Dimon, CEO of JPMorgan Chase, known for his criticism of cryptocurrencies, announced that the bank will allow clients to purchase Bitcoin. Although he personally does not support cryptocurrencies, Dimon noted that the bank will include Bitcoin in client reports but will not provide asset custody services.
This move marks a significant change in JPMorgan's approach to cryptocurrencies, as the bank previously limited its involvement to futures products, not offering direct ownership of digital assets.
Dimon compared his position to smoking: "I don’t think you should smoke, but I defend your right to do so. I defend your right to buy Bitcoin."
This JPMorgan move comes against the backdrop of growing institutional interest in cryptocurrencies, especially after the launch of spot Bitcoin ETFs in the US, which have already attracted over $125 billion in assets under management.
Thus, even the largest banks are adapting to client demand for digital assets, despite the personal biases of their leaders.