title: Mr “Pet Rock” strikes again: Bitcoin sceptic Jamie Dimon, boss of multinational finance behemoth JPMorgan Chase, has said that the bank will allow customers to buy Bitcoin.

After years of criticism, and yes, calling Bitcoin a “pet rock”, a “fraud” and vowed to “shut it down” if he could, Dimon has now changed his tune.

Jamie Dimon, the outspoken Sceptic of Bitcoin and CEO of multinational finance behemoth JPMorgan Chase, has said that the bank will allow customers to buy Bitcoin.

Dimon, known for his strong opinions on the cryptocurrency, has previously called it a “pet rock” and a “fraud”, and vowed to “shut it down” if he could.

However, at a JPMorgan Chase investor day event on Monday, Dimon said that he is still no fan of Bitcoin, but that the bank will allow customers to buy BTC, although it will not hold custody.

Just last week, J.P. Morgan analysts said investors are pivoting from gold to Bitcoin. Nikolas Panigirtzoglou, managing director for the firm, said that “Bitcoin has been pushing out gold and rising”.

This seems to be a case of FOMO, with banks realising what their customers want to invest in.

It’s a stark contrast to a year ago. Just weeks after the U.S. spot Bitcoin exchange-traded funds (ETFs) were approved, J.P. Morgan published a survey showing that less than 10 per cent of pro traders believed in blockchain.

Related: Ex-BitMEX Boss Hayes Sees Bitcoin Breaching $1M by 2028 on Global Financial Strains

JPMorgan Joins BoA, Morgan Stanley as ETF Flows Surge

Other large banks are now also warming up to crypto, with Morgan Stanley CEO and chairman, Ted Pick, saying that the bank would work with regulators to find out how they could offer their customers access to crypto in a safe way.

Bank of America’s boss, Brian Moynihan, signalled similar sentiments, suggesting adoption would come once regulators provide clarity.

It is not a coincidence that this follows the ETF approval and launch, which has been a huge success.

Over the past four trading days, U.S. spot Bitcoin ETFs have added another US$1 billion (AU$1.55 billion) in assets under management, as data from Farside shows. This brings the total to 1.18 million BTC worth US$125.89 billion (AU$195.24 billion) - or 5.6 per cent of all 21 million.

Related: Moody’s Downgrades US, Crypto Reacts Mostly Positive as BTC Reaches $106k