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JPMorgan Chase CEO Jamie Dimon stated the financial institution will quickly permit purchasers to purchase Bitcoin (BTC), a hanging shift for a financial institution whose chief as soon as referred to as the cryptocurrency ‘’nugatory.’’
The choice comes regardless of Dimon’s repeated assaults on Bitcoin over time, together with calling it a “rip-off,” a “pet rock,” and one thing he’d “shut down” if he had been the federal government.
Dimon maintained that crypto is used for illicit actions, together with intercourse trafficking and cash laundering, however indicated that the U-turn is extra about giving purchasers what they need.
“We’re going to help you purchase it,” Dimon stated, whereas talking at an annual investor day on Might 19. “I don’t suppose you need to smoke, however I defend your proper to smoke. I defend your proper to purchase Bitcoin.”
Dimon stated the financial institution received’t custody Bitcoin however will embrace it on consumer statements.
Dimon’s Stance On Bitcoin Unchanged
JPMorgan Chase’s resolution marks a landmark shift for the US banking titan. In 2018, Dimon labeled Bitcoin as a rip-off that he had little interest in shopping for. He additionally referred to as BTC “nugatory” throughout the peak of the 2021 bull market.
The choice follows related strikes made by opponents together with Morgan Stanley, which has given its monetary advisors the greenlight to pitch some spot Bitcoin ETFs (exchange-traded funds) to qualifying purchasers.
“I defend your proper to purchase Bitcoin.” – Jamie Dimon, JPMorgan CEOhttps://t.co/zc8CjKdAb9
— Michael Saylor (@saylor) May 19, 2025
Blockchain Know-how Overhyped, Dimon Says
Along with doubling down on his Bitcoin skepticism, Dimon additionally argued that blockchain expertise is being overhyped.
“We’ve got been speaking about blockchain for 12 to fifteen years,” he stated. “We spend an excessive amount of on it. It doesn’t matter as a lot as you all suppose.”
That’s as JPMorgan Chase’s personal blockchain platform, Kinexys, not too long ago executed a check transaction on a public blockchain for the primary time.
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