JPMorgan Chase Allows Clients to Buy Bitcoin Despite CEO Jamie Dimon's Skepticism

JPMorgan Chase's decision to allow clients to buy Bitcoin, despite CEO Jamie Dimon's skepticism, reflects a broader wave of institutional adoption in 2025.

In a surprising turn of events, JPMorgan Chase will allow clients to buy Bitcoin, despite CEO Jamie Dimon’s skepticism, according to a statement made by the bank.

Announced on May 19 at the bank’s Investor Day, Dimon confirmed that clients will have access to purchase Bitcoin, although JPMorgan will not be providing custody services for the cryptocurrency.

“I am not a fan of Bitcoin, but we will allow you to buy it,” said Dimon.

I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go at it.

— Bitcoin News (@BitcoinNewsCom) May 19, 2025

The largest U.S. bank holds a stake of $1.7 billion in Bitcoin ETFs and has 263,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT).

Earlier in January, Dimon expressed his criticisms of Bitcoin, calling it a “Ponzi scheme” and comparing it to “smoking” in an interview with CBS. However, JPMorgan is known for its involvement in blockchain technology, launching its platform, Kinexys, last year and recently completing a tokenized Treasury transaction with Ondo Finance.

As the Trump administration pursues a pro-crypto U.S. regulatory agenda, institutions are increasingly investing in Bitcoin.

At present, MicroStrategy holds 576,230 BTC, and BlackRock’s IBIT manages 633,212 BTC, which amounts to $66.45 billion as of May.

Furthermore, U.S. states like New Hampshire and Arizona have announced the inclusion of Bitcoin in their state reserves, and Bhutan recently transferred 374,217 BTC, valued at $34.14 million, to Binance. This move is likely an attempt to capitalize on Bitcoin’s all-time high of $91,000, which occurred in November of last year.

Bitcoin (BTC) price chart on Bitstamp in the period from January 15, 2024 to May 19, 2025. Source: iShares

Despite some financial leaders, like Mohamed El-Erisy, preferring gold as a safe haven, institutions are making significant moves into crypto in 2025.

Earlier this year, Morgan Stanley began offering institutions the ability to invest in Bitcoin ETFs, and Bank of America is preparing to launch its own stablecoin.

In 2025, Bitcoin’s market cap reached $2 trillion, and U.S. spot Bitcoin ETFs now hold $125.89 billion, which constitutes 5.6% of the 21 million BTC supply.

Moreover, there are reports that Larry Fink, CEO of BlackRock, is now a fan of Bitcoin, marking a change from his previous skepticism.

Kevin O’Leary, a "Shark Tank" investor, is also investing a portion of his portfolio in BTC. O’Leary previously expressed disdain for the cryptocurrency but has since allocated 1.5% of his portfolio to the leading cryptocurrency.

According to reports by Blockware Solutions, O’Leary’s investment in Bitcoin is part of a broader strategy to diversify his portfolio into alternative assets.

"I'm investing 1.5% of my portfolio in BTC," O'Leary confirmed. "I'm a big believer in crypto as an asset class, and I think it has a place in any well-diversified portfolio."

According to Benzinga, O’Leary’s comments come as several institutions are increasing their exposure to crypto.

Earlier this year, Morgan Stanley (NYSE:) began offering institutions the ability to invest in bitcoin ETFs. In April, behemoth asset manager BlackRock filed an application with the SEC for a spot bitcoin ETF.

Earlier this month, reports indicated that Bank of America (NYSE:) is developing its own stablecoin as part of a broader plan to expand its digital offerings.

As Goldstein stated, these moves by major financial institutions signal a broader wave of institutional adoption in cryptocurrency.

According to data from Glassnode, as of mid-May, Microstrategy’s BTC holdings stand at 576,230 coins. Meanwhile, BlackRock’s iShares Bitcoin Trust (BITO) manages 633,212 BTC, which translates to $66.45 billion.

In addition, two U.S. states—New Hampshire and Arizona—have announced the inclusion of Bitcoin in their state reserves.

Furthermore, Bhutan recently transferred 374,217 BTC, valued at $34.14 million, to Binance in May. This move is likely an attempt to capitalize on Bitcoin’s all-time high, which reached $91,000 in November of last year. However, the cryptocurrency giant reportedly sold a portion of