JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris on May 15, 2025.
Michel Euler | Afp | Getty Images
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic.
“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients.”
The decision marks a notable step for the largest U.S. bank, particularly due to Dimon’s history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin’s entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients.
Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues such as money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism.”
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”
The bank is looking at offering clients access to bitcoin ETFs, according to a person briefed on its plans. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.
When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he has “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”
At the 2024 World Economic Forum in Davos, Switzerland, Dimon said, “Bitcoin does nothing. I call it the pet rock.” He added that, “This is the last time I’m talking about this with CNBC, so help me God.”
Morgan Stanley CEO Ted Pick told CNBC at this year’s event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump.
Since Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance, with the Federal Reserve partially following suit. A notice issued by the Fed in January 2023 continues to restrict banks from certain crypto-related activities. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face certain limitations on working directly with digital asset firms.
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