Jamie Dimon, CEO of JPMorgan Chase, announced that the bank will soon let clients purchase Bitcoin, though it has no plans to manage the cryptocurrency directly.
“We’ll let you buy it,” Dimon stated during JPMorgan’s annual investor day on May 19. “But we’re not going to hold custody of it. It’ll show up on your statements, but that’s it.”
As reported by CNBC, Dimon reiterated his well-known doubts about digital assets, highlighting concerns over their connection to illicit activities like money laundering, human trafficking, and financing of terrorism.
“I don’t think smoking is good for you, but I support your freedom to do it. Same goes for Bitcoin—I support your right to buy it,” he remarked.
Bitcoin Access via ETFs
According to sources cited by CNBC, JPMorgan will provide clients with access to Bitcoin exchange-traded funds (ETFs), rather than direct ownership of the cryptocurrency itself. Previously, the bank’s involvement with crypto was largely limited to futures-based exposure.
Meanwhile, Morgan Stanley, another major U.S. bank, has also begun offering spot Bitcoin ETFs to eligible clients. Since the launch of these products in the U.S. in January 2024, they’ve seen nearly $42 billion in total inflows.
Dimon’s Longstanding Bitcoin Criticism
Dimon has consistently criticized Bitcoin over the years. Back in 2018, he referred to it as a scam and expressed zero interest in buying it. In 2021, he called the asset “worthless” during the height of that year’s bull run.
During a 2023 Senate Banking Committee hearing, he stated: “I’ve always strongly opposed crypto and Bitcoin. Its main utility is for criminals, tax evasion, and drug dealing.”
“If I were in charge, I’d shut it down,” he added.
At the 2024 World Economic Forum in Davos, after Bitcoin surpassed $100,000, Dimon dismissed it once again, saying: “Bitcoin serves no purpose. I call it a pet rock.”
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