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JPMorgan Chase CEO Jamie Dimon said Monday (May 19) that the bank now offers its clients access to bitcoin.Dimon announced this at the bank’s annual investor day, while reiterating his own skepticism about digital currency, CNBC reported Monday.“We are going to allow you to buy it,” Dimon said, per the report. “We’re not going to custody it. We’re going to put it in statements for clients.”Dimon added that he remains concerned about issues around bitcoin, such as money laundering, lack of clarity in terms of ownership and use in illicit activities, according to the report.“I don’t think you should smoke, but I defend your right to smoke,” Dimon said, per the report. “I defend your right to buy bitcoin.”It was reported in December 2023 that Dimon had been a vocal critic of cryptocurrencies for some time and that he told a Senate Banking Committee hearing that if he had the power, he would shut down the entire industry.While he criticized cryptocurrencies, he had different views on blockchain technology, and JPMorgan actively embraced that technology for various projects, including the development of its proprietary stablecoin, JPM Coin.The Federal Deposit Insurance Corp. (FDIC) provided new guidance March 28 saying that FDIC-supervised institutions can engage in crypto-related activities without receiving prior FDIC approval, provided they adequately manage the associated risks.Previously, under guidance that the FDIC rescinded, the agency required prior notification of crypto-related activities.“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” FDIC Acting Chairman Travis Hill said at the time in a press release. “I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards.”Institutional adoption of digital assets like cryptocurrencies and tokenized securities is seen as inevitable, although risk remains an obstacle, PYMNTS reported May 13.The new wave of adoption is being led by highly regulated institutions, which are grappling with the core question of risk across the blockchain

JPMorgan CEO Jamie Dimon said the Wall Street lender plans to offer Bitcoin (BTC) to its customers in a stark shift from his historical stance toward the digital asset.During JPMorgan’s Investor Day, Dimon reiterated that he is “not a fan” of Bitcoin, but acknowledged that clients will continue to demand access to it. He said:“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”He also clarified that the bank does not plan on offering custody services.Dimon maintains skepticismDimon’s criticism of crypto is consistent with past remarks. In a January interview, he called Bitcoin “worthless.” He tied it to criminal activity, repeating concerns raised in his 2023 Senate testimony, in which he advocated for shutting down the industry altogether. At the 2024 World Economic Forum in Davos, he referred to Bitcoin as a “pet rock,” while in April of the same year, Dimon called crypto a “Ponzi Scheme.”In his May 19 remarks, he also stated that “blockchain doesn’t matter as much” as people think. However, JPMorgan has continued to build infrastructure around blockchain technology for institutional use.Earlier this month, Kinexys completed a test transaction that bridged its private network to a public layer-1 blockchain, using tokenized short-term Treasury assets and real-time settlement protocols. Chainlink and Ondo Finance participated in this pilot.Additionally, Kinexys processes over $2 billion in transactions daily and plans to scale up dollar-euro settlements using JPM Coin, JPMorgan’s proprietary token.JPMorgan increases crypto exposureAmid the remarks on Bitcoin offering, JPMorgan’s 13F filing with the US Securities and Exchange Commission (SEC) for the first quarter of 2025 showed a dramatic increase in crypto exposure through exchange-traded funds (ETFs).As of March 31, the firm reported $16.3 million in crypto-related holdings, up from $1 million at the end of 2024. The lender’s crypto exposure is primarily via Bitcoin and Ethereum-linked instruments.As of March 31, JPMorgan held a little over 263,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT) and around 3000 shares of Bitwise’s spot Bitcoin ETF (BITB).The lender also held shares of Grayscale’s Bitcoin Trust (GBTC) and Mini Trust ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC), and new allocations to Bitwise and Franklin Templeton Ethereum products.The firm’s crypto-related holdings are just a tiny fraction of its $4.4 trillion in assets under management at the end of the first quarter.It’s unclear how much of the portfolio reflects proprietary positioning versus facilitation of client demand. The bank has previously clarified that holding some ETF allocations could be a part of its market-making services.Mentioned in this articlePosted In: Bitcoin, Ethereum, BlackRock, Grayscale, US, Adoption, Banking, Crypto, ETF, Featured, TradFi

In a significant policy shift, JPMorgan Chase CEO Jamie Dimon reportedly announced today that the bank will allow its clients to buy Bitcoin. This marks a notable departure from its historically critical stance on Bitcoin and cryptocurrency overall.Is JPMorgan Changing Its Stance on Bitcoin?Speaking at JPMorgan’s 2025 Investor Day, Dimon stated that while he personally remains skeptical of Bitcoin, the bank will facilitate client purchases of the digital asset. However, JPMorgan will not offer custody services for Bitcoin, requiring clients to manage storage through third-party providers.This development reflects a broader trend of increasing institutional engagement with digital assets. The investment banking giant has consistently criticized crypto, labeling Bitcoin a “fraud” in 2017 and a “Ponzi scheme” earlier this year.  There are even rumors that previously, Dimon threatened to fire employees who traded Bitcoin. The changing tone and decision reflect growing client demand and the evolving financial space.Also, the move aligns with JPMorgan’s recent blockchain initiatives. Recently, the firm executed its first structured transaction on a public blockchain in collaboration with Ondo Finance and Chainlink. As Bitcoin’s price hovers around $105,000, nearing its all-time high, JPMorgan’s policy change may signal a new era of mainstream financial institutions embracing cryptocurrency.The bank will allow Bitcoin transactions but not store digital assets for clients. So, external custody solutions are still required for safekeeping