Under CEO Jamie Dimon’s leadership, JP Morgan Chase, the largest bank in the U.S, has taken a surprising turn by enabling its clients to invest in Bitcoin. This marks a significant change, especially considering Dimon’s longstanding criticism of the cryptocurrency.
As reported by CNBC, Dimon announced the move during the bank’s annual investor day, explaining, “We’re going to let you buy it. We won’t hold it for you, but it will appear on client statements.” The bank is said to be exploring ways to offer exposure through Bitcoin ETFs.
Despite opening this door, Dimon has not shifted his critical stance. He voiced concerns about Bitcoin’s ties to illegal activities, such as money laundering, terrorism, and sex trafficking, and highlighted the murky nature of ownership in the crypto space.
This position is consistent with his previous comments. At the 2024 World Economic Forum in Davos, he famously referred to Bitcoin as a “pet rock” and dismissed its utility. Similarly, in late 2023, he told U.S. lawmakers that he has always opposed crypto, calling it a tool for criminals and tax evaders, even suggesting the government should “shut it down.”
Yet, Dimon acknowledges the growing demand for Bitcoin among investors. “I don’t think you should smoke, but I support your right to smoke,” he said. “Same goes for Bitcoin—I support your right to buy it.”
This policy shift also reflects the changing regulatory environment in the U.S. Recent developments, such as the rollback of the SEC’s SAB 121 accounting rule, are providing more room for traditional banks to cautiously engage with digital assets—even as regulatory uncertainty persists.
