JPMorgan Chase, under CEO Jamie Dimon, is set to allow clients to purchase bitcoin, marking a significant shift for the largest U.S. bank, particularly given Dimon’s history of skepticism toward cryptocurrencies. During the bank’s annual investor day, Dimon stated, “We are going to allow you to buy it,” although the bank will not offer custody for the digital asset, instead providing it on client statements. This decision signals bitcoin’s increasing acceptance in mainstream finance, especially following similar moves by Morgan Stanley, which has allowed its advisors to present spot bitcoin exchange-traded funds to eligible clients.
Despite this new offering, Dimon remains critical of bitcoin, citing concerns over issues such as money laundering, and criminal activities linked to digital currencies. He expressed his long-standing opposition to cryptocurrencies, previously calling bitcoin “worthless” and stating that its primary use is among criminals. Dimon emphasized his right to allow clients to invest in bitcoin, likening it to the right to smoke despite his personal disapproval.
In 2023, during a Senate hearing, he reiterated his negative stance, arguing that if he were in the government, he would advocate for shutting down cryptocurrency operations. Conversely, Morgan Stanley CEO Ted Pick mentioned that the firm is looking to expand its involvement in the crypto market, adapting to the evolving regulatory landscape under the Trump administration. Since January, regulatory bodies like the FDIC and OCC have reversed their anti-cryptocurrency positions, allowing banks to store digital assets but still imposing restrictions on direct engagement with crypto firms without Federal Reserve approval.
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