JPMorgan Chase CEO Jamie Dimon Says the Bank Now Offers Its Clients Access to Bitcoin

Dimon announced this at the bank's annual investor day, while reiterating his own skepticism about digital currency, CNBC reported Monday.

Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., said Monday (May 15) that the bank is now offering clients access to bitcoin.

Dimon announced this at the bank’s annual investor day, while also again voicing his own skepticism about digital currency, CNBC reported.

“We are going to allow you to buy it,” Dimon said, according to the news outlet. “We’re not going to custody it. We’re going to put it in statements for clients.”

Dimon said he remains concerned about issues with bitcoin, such as money laundering, a lack of clarity in terms of ownership and use in illicit activities, the report said.

“I don’t think you should smoke, but I defend your right to smoke,” Dimon said, according to the news outlet. “I defend your right to buy bitcoin.”

As reported December 2023, Dimon has been a vocal critic of cryptocurrencies and told a Senate Banking Committee hearing that if he had the power, he would shut down the entire industry.

However, while he had critical views of cryptocurrencies, he had different perspectives on blockchain technology, and JPMorgan has actively engaged with that technology for various projects, including developing its proprietary stablecoin, JPM Coin.

The Federal Deposit Insurance Corp. (FDIC) provided new guidance March 28 saying that FDIC-supervised institutions can engage in crypto-related activities without receiving prior FDIC approval, provided they adequately manage the associated risks.

Previously, under guidance that the FDIC rescinded, the agency required prior notification of crypto-related activities.

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” FDIC Acting Chairman Travis Hill said in a press release. “I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards.”

Institutional adoption of digital assets like cryptocurrencies and tokenized securities is seen as inevitable, although risk remains an obstacle, PYMNTS reported May 13.

The new wave of adoption is being led by highly regulated institutions, which are grappling with the core question of risk across the blockchain.