Catenbaa, Saturday, May 24, 2025-JP Morgan CEO Jamie Dimon said this week that the bank would soon allow clients to purchase Bitcoin, marking a significant shift for one of Wall Street’s most outspoken crypto skeptics.
Speaking at the bank’s annual investor day, Dimon confirmed that customers would be able to buy the world’s leading cryptocurrency through JP Morgan, though the bank would not provide custody services. Instead, Bitcoin holdings will appear on client statements, similar to external assets.
The move signals a broader institutional shift toward digital assets.
Dimon, who has led the investment bank since 2006, has repeatedly criticized Bitcoin, calling it “worthless,” a “fraud,” and, more recently, a “pet rock.” But his remarks Monday acknowledge what many in the industry view as rising client demand for crypto exposure.
Dimon reiterated his personal opposition to Bitcoin but appeared to concede to market realities. Other leading US banks, including Morgan Stanley, have begun offering spot Bitcoin ETFs to qualified clients, following more accommodative regulatory policies under the Trump administration.
The Securities and Exchange Commission earlier this year rescinded SAB 121, a restriction that had prevented banks from holding digital assets on behalf of clients.
Although JP Morgan will not custody crypto assets directly, the bank has previously explored blockchain for internal use.
