David Edwards
According to CEO Jamie Dimon, JPMorgan Chase, one of the biggest banks in the US, will soon allow customers to experience Bitcoin. The revelation, which was delivered on May 19 at the bank’s annual investor day, represents a major shift in Wall Street’s perspective on digital assets.
Although customers would be able to buy Bitcoin, Dimon explained, JPMorgan will not offer custody services for the cryptocurrency. “You will be permitted to purchase it. We will not take control of it. We will include it in client statements,” he declared.
According to people familiar with the situation, the bank is moving away from its prior focus on futures-based crypto exposure and instead is providing access to Bitcoin through exchange-traded funds (ETFs).
Dimon’s Crypto Skepticism Persists
Dimon remained dismissive of digital assets in spite of the new offering, expressing his worries about their connection to illegal activities like terrorism, sex trafficking, and money laundering. Dimon said, “I don’t think you should smoke, but I defend your right to smoke,” drawing a comparison to individual liberties. I support your right to purchase Bitcoin.
It is commonly known that he has long opposed cryptocurrency. In 2018, Dimon called Bitcoin a fraud. He called it “worthless” during a market boom in 2021. Even after the value of Bitcoin hit $100,000, he ridiculed it as “the pet rock” at the 2024 World Economic Forum in Davos.
During a hearing before the Senate Banking Committee in 2023, Dimon contended that the majority of cryptocurrency use cases included illegal activities. At the time, he declared, “I would shut it down if I were the government.”
Wall Street’s Widening Embrace of Bitcoin ETFs
JPMorgan’s action is in line with a larger pattern of big banks adopting spot Bitcoin ETFs. Morgan Stanley has already started providing these products to eligible customers. Strong investor demand is demonstrated by the over $42 billion in cumulative inflows that spot Bitcoin ETFs in the U.S. have received since their launch in January 2024.
This change implies that institutional finance is progressively incorporating cryptocurrency investment products into conventional offerings, even in the face of persistent opposition from prominent executives such as Dimon.
