NEW YORK–Even though its CEO is not a fan, JPMorgan Chase said it will finally allow its customers to purchase bitcoin.
“We are going to allow you to buy it,” CEO Jamie Dimon said at the bank’s annual investor day. “We’re not going to custody it. We’re going to put it in statements for clients.”
The move is a big one for the country’s largest bank, as Dimon has historically been critical of digital currency and the broader crypto market.
Dimon’s change of heart is a sign of bitcoin’s entry into mainstream investing, noted CNBC in its analysis.
Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism,” the report noted.
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”
‘A Pet Rock’
A JPMorgan spokesperson declined to provide additional details to CNBC on the bank’s specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.
Dimon has in the past called crypto “worthless,” and told Congress in 2023 he’s always been “deeply opposed to crypto, bitcoin, etc.…If I was the government, I’d close it down.”
He kept it up at the 2024 World Economic Forum in Davos when he said, “Bitcoin does nothing. I call it the pet rock.”
Anti-Crypto Guidance Rescinded
As the CU Daily has reported, since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance.
“While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve,” CNBC reported.
