Jamie Dimon, the CEO of JPMorgan, mentioned his financial institution will quickly permit its purchasers to purchase Bitcoin, nevertheless it received’t custody the cryptocurrency.
“We’re going to permit you to purchase it,” Dimon mentioned at JPMorgan’s annual investor day on Could 19. “We’re not going to custody it. We’re going to place it in statements for purchasers.”
CNBC reported that Dimon additionally remarked on his long-held skepticism about crypto belongings, pointing to their use in cash laundering, intercourse trafficking and terrorism.
“I don’t assume you need to smoke, however I defend your proper to smoke. I defend your proper to purchase Bitcoin,” he mentioned.
JPMorgan will supply purchasers entry to Bitcoin (BTC) exchange-traded funds (ETFs), CNBC reported, citing sources conversant in the scenario. Till now, the agency has restricted its crypto publicity primarily to futures-based merchandise, not direct possession of digital belongings.
Associated: Morgan Stanley advisers can formally pitch Bitcoin ETFs
JPMorgan rival Morgan Stanley has additionally moved to supply spot Bitcoin ETFs to qualifying purchasers. Spot Bitcoin ETFs within the US have seen vital adoption, with virtually $42 billion in whole combination inflows since they launched in January 2024.
Dimon’s Bitcoin bashing historical past
Dimon has lengthy been skeptical of Bitcoin, labeling it a rip-off that he had no real interest in shopping for in 2018 and calling it “nugatory” in the course of the 2021 crypto bull market.
“I’ve at all times been deeply against crypto, Bitcoin, and so on.,” he mentioned throughout a Senate Banking Committee listening to in 2023. “The one true use case for it’s criminals, drug traffickers, cash laundering, tax avoidance.”
“If I have been the federal government, I’d shut it down,” he mentioned.
On the 2024 World Financial Discussion board in Davos, Switzerland, Dimon mentioned Bitcoin “does nothing. I name it the pet rock,” which got here after the asset topped $100,000 for the primary time.
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