Jamie Dimon allows Bitcoin at JPMorgan while remaining skeptical

Jamie Dimon, CEO of JPMorgan Chase, announced that the bank will allow its clients to invest in bitcoin, while reaffirming his personal skepticism towards crypto.

On May 19, 2025, at JPMorgan Chase’s Annual Investor Day, Jamie Dimon made a major business decision while maintaining his personal reservations. The CEO officially announced that the bank will now allow its clients to invest in bitcoin, but the institution will not directly custody it.

This announcement is part of a broader strategy to adapt to client demands, despite the executive’s personal skepticism, which is well-known.

“I’m not a fan of Bitcoin,,“ Dimon declared bluntly during this presentation.

His skepticism is nothing new. In an interview with CBS News in January 2025, Dimon was even more critical.

Bitcoin itself has no intrinsic value. It is widely used by sex traffickers, money launderers, and ransomware actors

This critical position does not prevent the CEO from recognising his clients’ freedom of choice.

“I applaud your ability to want to buy or sell it. Just as I think you have the right to smoke, but I don’t think you should smoke,,“ he added, with a provocative comparison that perfectly illustrates his ambivalent position.

JPMorgan analysts more optimistic amid growing institutional adoption

Contrary to Jamie Dimon’s reservations, JPMorgan analysts are optimistic about bitcoin’s future. In their recent studies, they predict that crypto will continue to outperform gold during the second half of 2025, a phenomena fueled by the surging demand from institutions.

“Between mid-February and mid-April, we saw that traders sold risk assets such as equities and bought government bonds and preferred fixed income over equities. And during the past three weeks, we are observing the opposite phenomena: bitcoin is gaining ground on gold.”

The figures speak for themselves. Since April 22, gold has lost nearly 8% of its value, while bitcoin has seen an impressive 18% increase.

This shift in investment strategy is occuring at the same time as several US states are integrating bitcoin into their strategic reserves. As reported by Cointribune, New Hampshire has authorized investing up to 5% of its treasury in bitcoin.

Arizona has also taken steps to create a bitcoin reserve fund and will be investing a portion of its treasury funds in BTC, according to a bill signed by Governor Doug Ducey. The legislation further enacts a tax revenue-neutral policy for the state.

On the corporate side, companies like Strategy are continuously adding to their bitcoin holdings, while Metaplanet recently announced a significant investment in bitcoin.

According to JPMorgan analysts, this multiplication of institutional adopters acts as a “sustainable positive catalyst” for bitcoin. They anticipate that the competition between gold and bitcoin will continue until the end of the year, with a probable edge for crypto in the second half.

This evolution highlights the dilemma faced by traditional finance as it encounters the growing interest from institutions in bitcoin, which is gradually becoming an incontournable asset in the global financial landscape.