JPMorgan Chase & Co. to Allow Customers to Purchase Bitcoin

JPMorgan Chase & Co. will allow customers to purchase Bitcoin, Chief Executive Officer Jamie Dimon said on Monday. The $4 trillion asset manager will route

"Bitcoin is a stupid chain email," JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said in 2014. Now, eight years later, the $4 trillion asset manager will let customers buy the token, a move that marks a significant shift for the bank and reflects the increasing mainstream adoption of cryptocurrencies.

While the bank will report Bitcoin positions on client statements and will route trades through external venues, it has no plans to custody the tokens, a source familiar with the matter told Chainmail on Monday.

“We are not a sponsor of any crypto tokens. We are an investor in blockchain startups,” the source added.

The bank will offer the service in response to customer demand, Dimon said at the Montana Economic Roundtable in Big Sky on Monday.

“I am not a fan of Bitcoin. I don’t think blockchain matters as much as people think,” Dimon stated, adding that he would personally prefer customers to invest in Alphabet Inc (NASDAQ:GOOGL) or Nvidia (NYSE:NVDA) stock.

“But if customers want to invest in Bitcoin, we will be able to offer that service to them. It’s no different from customers engaging in activities that we wouldn’t necessarily do personally.”

Beyond digital assets, Dimon cautioned that “geopolitical risk is very, very high,” adding that stagflation in the U.S. “cannot be taken off the table.”

He also expressed concerns over "extraordinary complacency" over U.S. debt and trade policies, and noted that tariffs have already prompted some multinational clients to shift business to local lenders in the countries where they operate.

Dimon further disclosed that despite a recent pullback in the market, current valuations leave him "not a buyer of credit today."

Earlier this year, Dimon said that JPMorgan is getting ready to offer a cryptocurrency product to meet customer demand. The bank has been investing in blockchain startups and exploring the potential of the technology for various financial applications.

While Dimon has been a known critic of Bitcoin in the past, his stance has become more neutral in recent times as the cryptocurrency market has witnessed unprecedented growth and interest from institutional investors.