JPMorgan boss says bank users can soon buy Bitcoin

Jamie Dimon said JPMorgan will allow clients to buy Bitcoin in the near future, but the bank won’t be holding the currency.

“We are going to allow you to buy it,” Dimon’s remarks at JPMorgan Investor Day, May 19, “We’re not going to custody it. We’re going to put it in statements for clients.”

CNBC reported Dimon has also expressed his longstanding skepticism towards crypto assets. He cited their potential use for money laundering, sexual trafficking, and terrorism.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” “He said”

JPMorgan offers clients Bitcoin as a payment optionBTCCNBC, citing people familiar with the matter, reported that. Up until now, CNBC has restricted its exposure to crypto exclusively to products based on futures, and not through direct ownership of digital asset.

Related: Morgan Stanley advisers can officially pitch Bitcoin ETFs

Morgan Stanley, the rival to JPMorgan, has begun offering spot Bitcoin ETFs for clients who qualify. The spot Bitcoin ETFs Since their launch in January 2024, the US has seen a significant uptake of almost $42 billion aggregated inflows. 

Dimon’s Bitcoin bashing past

Dimon was skeptical about Bitcoin for a very long time. labeling it A scam in 2018, which he did not want to buy. “worthless” The bull crypto market will be in full swing by 2021.

“I’ve always been deeply opposed to crypto, Bitcoin, etc.,” He said Hearings of the Senate Banking Committee in 2023. “The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.”

“If I were the government, I’d close it down,” “He said”

Dimon will attend the World Economic Forum 2024 in Davos (Switzerland) said Bitcoin “does nothing. I call it the pet rock,” The asset was valued at $100,000, the first time it had exceeded this threshold.  

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