JPMorgan Chase will soon let its clients buy Bitcoin, CEO Jamie Dimon says

JPMorgan Chase will soon let its clients buy Bitcoin, CEO Jamie Dimon said Monday during the bank's annual Investor Day, even as he repeated his deep doubts about the cryptocurrency.

JPMorgan Chase & Co will soon permit clients to buy Bitcoin, CEO Jamie Dimon said Monday, even as he expressed deep skepticism about the cryptocurrency.

“We are going to allow you to buy it,” Dimon told shareholders at the bank’s annual Investor Day.

However, the bank will not hold Bitcoin for clients, keeping clear distance from direct custody services.

Dimon, who has long been critical of crypto, did not back away from past remarks. He said he is “not a fan” of Bitcoin and pointed to its use in money laundering, sex trafficking, and other illegal activity.

At the same time, JPMorgan continues to experiment with blockchain technology. Its in-house platform, Kinexys, recently completed a tokenized U.S. Treasury settlement on Ondo Chain's testnet, marking its first public blockchain trial.

Despite this, Dimon downplayed the impact of blockchain on finance.

“We’ve been talking about blockchain for 12 to 15 years. We spend too much on it. It doesn’t matter as much as you all think,” he said.

The bank’s move comes as pressure from clients and Washington grows.

During the Trump administration, the government pushed for stablecoin legislation and began to ease some of the restrictions that previously limited banks from offering crypto access.

Federal Reserve Chair Jerome Powell said earlier this year that banks can work with crypto as long as they handle the risks. However, most large banks have taken a cautious approach, citing fraud and compliance concerns.

Dimon’s update marks a change in practice, if not in tone. Just months ago, he called Bitcoin a Ponzi scheme. Now, while JPMorgan won’t hold the coins, it’s opening the door for clients who want in.

JP Morgan revealed last year that more of its clients had already begun using its own cryptocurrency to instantly send and settle payments around the world. However, the coin is available only for international payments for large corporate clients, that have undergone regulatory checks.

JPMorgan also added British pound-denominated accounts to its blockchain-based payments network, broadening its reach beyond U.S. dollar and euro transactions as demand for non-dollar digital settlement options increases.

Kinexys processes about $2 billion in transactions daily, a small portion of JPMorgan’s $10 trillion daily payments volume but a notable sign of institutional adoption of blockchain tools in traditional finance.

According to Naveen Mallela, global co-head of JPMorgan’s Onyx platform, 80% of current Kinexys activity still revolves around dollars, but client demand for pound settlements is gaining traction.