JPMorgan to Offer Clients Bitcoin Access
JPMorgan CEO Jamie Dimon announced at the firm’s annual investor day that the banking giant will soon allow clients to buy Bitcoin. In an interview with CNBC, Dimon said Bitcoin would be available on client statements, although JPMorgan won’t directly custody the asset.
“We’re not going to custody it,” Dimon emphasized. “It’ll just be in statements for clients.”
Although the bank has not revealed details or timeframes, sources indicated to CNBC that customers could soon have access to Bitcoin exchange-traded funds (ETFs), indicating JPMorgan’s movement away from future-based exposure and towards more direct products in cryptocurrency.
Dimon Still a Prolific Bitcoin Critic
Even as he allows access, Dimon continued his long-standing criticism of Bitcoin. He reinforced concerns over the asset’s association with illicit behavior, saying:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
This mirrors his previous comments from January, where he compared Bitcoin use to smoking—permissible, but ill-advised.
Dimon has long questioned the value of Bitcoin publicly. In 2021, he called it “worthless” at a Senate hearing. Earlier this year at Davos, when Bitcoin passed $100,000, he called it “the pet rock” and indicated that it “does nothing.”
JPMorgan’s Increasing Role in Crypto
Though ideologically distancing himself from Bitcoin, JPMorgan continues to move into digital assets. It’s showing up on the list of authorized participants of BlackRock’s iShares Bitcoin Trust and remains engaged in blockchain activities.
Rival Morgan Stanley is already offering spot Bitcoin ETF exposure to eligible clients, so JPMorgan’s move is competitive and inevitable as institutions demand more crypto.
While Dimon remains a skeptic, the bank’s shift also reflects increased client demand and Wall Street more generally moving toward accepting regulated Bitcoin investment products.
