Jamie Dimon, CEO of JPMorgan, announced that the bank will soon allow clients to purchase Bitcoin, though it won’t provide custody services for the asset.

“We are going to allow you to buy it,” Dimon stated during JPMorgan’s annual investor day on May 19, adding:

“We’re not going to custody it. We’re going to put it in statements for clients.”

According to CNBC, Dimon also reiterated his longstanding skepticism toward cryptocurrencies, citing concerns about their association with criminal activities such as money laundering, sex trafficking, and terrorism.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he added.

As reported by CNBC, JPMorgan will give clients access to Bitcoin exchange-traded funds (ETFs).

So far, the bank has primarily offered exposure to crypto through futures-based products rather than direct ownership.

Competitor Morgan Stanley has already begun offering spot Bitcoin ETFs to eligible clients.

These investment vehicles have gained significant traction in the U.S. since their launch in January 2024, with total inflows nearing $42 billion.

Dimon has a well-documented history of criticizing Bitcoin. In 2018, he dismissed it as a scam and declared he had no interest in buying it.

During the 2021 bull run, he referred to the asset as “worthless.”

“I’ve always been deeply opposed to crypto, Bitcoin, etc.,” he said in a 2023 Senate Banking Committee hearing.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.”

“If I were the government, I’d close it down,” he added.

At the World Economic Forum in Davos in 2024 — shortly after Bitcoin crossed the $100,000 mark for the first time — Dimon reiterated his doubts: “Bitcoin does nothing. I call it the pet rock.”

Sources:

https://cointelegraph.com/news/jpmorgan-boss-bank-users-soon-buy-bitcoin

https://www.cnbc.com/2025/05/19/jpmorgan-ceo-jamie-dimon-says-the-bank-will-let-clients-buy-bitcoin.html

https://x.com/saylor/status/1924544625710166034