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JPMorgan Chase CEO Jamie Dimon mentioned the financial institution will quickly permit purchasers to purchase Bitcoin (BTC), a placing 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 through the years, together with calling it a “rip-off,” a “pet rock,” and one thing he’d “shut down” if he have 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 assist you to purchase it,” Dimon mentioned, 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 mentioned the financial institution gained’t custody Bitcoin however will embody it on shopper statements.
Dimon’s Stance On Bitcoin Unchanged
JPMorgan Chase’s choice 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 top of the 2021 bull market.
The choice follows comparable 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) Might 19, 2025
Blockchain Expertise Overhyped, Dimon Says
Along with doubling down on his Bitcoin skepticism, Dimon additionally argued that blockchain expertise is being overhyped.
“We’ve been speaking about blockchain for 12 to fifteen years,” he mentioned. “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, just lately executed a take a look at transaction on a public blockchain for the primary time.
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