JPMorgan (JPM) CEO Jamie Dimon Announces the Bank Will Soon Allow Clients to Purchase Bitcoin (BTC)

In a surprising statement delivered at JPMorgan's Annual Investor Day on May 19, 2025, JPMorgan's CEO, Jamie Dimon, announced that the bank will soon allow its clients to purchase Bitcoin (BTC).

In a surprising statement made during JPMorgan’s Annual Investor Day on May 19, 2025, the bank’s CEO, Jamie Dimon, announced that the institution will soon allow clients to purchase Bitcoin (BTC).

This statement comes from a figure previously known as one of the most vocal critics of cryptocurrencies.

However, at the event, Dimon explained that JPMorgan will provide clients with the opportunity to buy Bitcoin but will not offer custodial services or custody of the crypto.

Instead, Bitcoin will be included in clients’ account statements as a form of investment exposure, not as an asset held directly by the bank.

According to a report by CNBC, JPMorgan plans to provide access to Bitcoin exchange-traded funds (ETFs), following in the footsteps of some key competitors such as Morgan Stanley.

Until now, JPMorgan has taken a more cautious approach to its exposure to cryptocurrencies, focusing on futures-based products, rather than direct crypto asset ownership.

Despite granting access to Bitcoin, Dimon made it clear that he still holds skeptical views. In a bold statement, he likened the bank’s position to the cigarette issue: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”

This statement highlights the bank’s pragmatic stance on meeting market demand, even if it goes against Dimon’s personal opinions.

Dimon has been known for his harsh remarks on cryptocurrencies. In 2018, he called Bitcoin a “scam,” and during the crypto bull market of 2021, he called the asset “worthless.”

Even in a Senate Banking Committee hearing in 2023, he said Bitcoin was only used by “criminals, drug dealers, tax evaders, and money launderers.”

However, surging demand for crypto products and the competitive landscape have pushed major banks to adjust their strategies. Since January 2024, the United States has seen an adoption of spot Bitcoin ETFs, with these products attracting nearly $42 billion in fund flows (1 USD = Rp16,418).

This signals institutional investors’ growing acceptance of crypto.

Moreover, Morgan Stanley has already granted their financial advisors official access to offer Bitcoin ETF products to clients. In a fiercely competitive landscape, JPMorgan does not seem to want to be left behind in the provision of digital asset-based financial products.