Key Takeaways:
- JPMorgan will soon let clients buy Bitcoin but won’t offer custody services.
- The bank plans to provide access to Bitcoin ETFs, shifting closer to rivals like Morgan Stanley.
- CEO Jamie Dimon maintains skepticism, likening Bitcoin to a “pet rock” despite enabling client access.
JPMorgan CEO Jamie Dimon announced that the bank will soon allow clients to buy Bitcoin, marking a notable shift in its crypto stance.
However, JPMorgan will not offer custody services and will only reflect Bitcoin holdings on client statements.
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The bank plans to provide access primarily through Bitcoin exchange-traded funds (ETFs), not direct ownership—aligning with peers like Morgan Stanley, which has embraced spot Bitcoin ETFs.
Since launching in January 2024, these ETFs have attracted nearly $42 billion in inflows.
Despite the move, Dimon maintained his deep skepticism toward Bitcoin, referencing its association with criminal activity.
He compared the policy shift to defending someone’s right to smoke, even if he personally disapproves.
Dimon has a long history of criticizing crypto—calling Bitcoin a “scam” in 2018, “worthless” in 2021, and “the pet rock” in 2024 after it crossed $100,000.
He reiterated in a 2023 Senate hearing that its primary use cases are for illicit activity.
JPMorgan’s decision reflects growing client demand, but Dimon’s comments highlight a continued divide between institutional adoption and executive resistance.
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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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