JPMorgan will let clients buy Bitcoin but won’t offer custody, says CEO Jamie Dimon

Key Takeaways

• JPMorgan will allow clients to purchase Bitcoin but won't provide custody services.
• CEO Jamie Dimon has shifted from his past criticism to allowing Bitcoin purchases, despite skepticism.

JPMorgan will soon allow clients to buy Bitcoin, though it will not provide custody services for the asset, CEO Jamie Dimon confirmed on Monday during the company’s investor day event.

Though Dimon still says he isn’t a fan of Bitcoin, the statement shows how much has changed since 2017. Back then, he dismissed Bitcoin as a “fraud,” compared it to the tulip bubble, and predicted its collapse.

Dimon even warned that he would fire any JPMorgan employee found trading it, calling the act “stupid” and against firm policy.

The latest statement comes after Dimon declared in a 2024 CNBC interview that he would no longer discuss Bitcoin publicly. He also said during the interview that Bitcoin “has no intrinsic value” and is heavily used by criminals involved in sex trafficking, money laundering, and ransomware activities.

On the blockchain, Dimon said it was overvalued. However, last week, JPMorgan Chase executed its first structured transaction on a public blockchain, in collaboration with Ondo Finance and Chainlink.

The corporation has been involved in several blockchain-based initiatives in recent years.

Following Dimon’s remarks, Bitcoin quickly reclaimed the $105,000 level, according to TradingView data .

The digital asset just notched its highest-ever weekly close, coming in at just under $106,500, while also setting a new record for its daily close. This marks six straight weeks of gains.

According to Nic Puckrin, co-founder and CEO of The Coin Bureau, Dimon is one of Bitcoin’s most vocal critics. Despite this long history of skepticism, Dimon’s firm is now offering clients access to Bitcoin. Puckrin sees the shift as evidence that Bitcoin’s adoption is becoming unstoppable.