In a move that marks a dramatic shift from his famously anti-Bitcoin stance, JPMorgan CEO Jamie Dimon confirmed on Monday that the bank will allow its clients to buy the leading cryptocurrency—though it will stop short of offering custody services.
Speaking at JPMorgan’s annual investor day, Dimon acknowledged that despite his personal skepticism, the bank is prepared to meet growing demand from clients who want exposure to Bitcoin.
“We are going to allow you to buy it,” he said.
“We’re not going to custody it. We’re going to put it in statements for clients.”
Dimon has long been one of Bitcoin’s most outspoken critics, once calling it “worthless” and likening it to a speculative bubble. Yet his comments Monday underscore a broader institutional trend: even the most traditional financial players are now being pushed by client demand to accommodate digital assets.
While JPMorgan won’t provide custodial services for Bitcoin—unlike some of its Wall Street peers—the decision to integrate Bitcoin purchases into client services represents a notable pivot. It places JPMorgan alongside firms like Morgan Stanley and Goldman Sachs, both of which have ramped up crypto access for high-net-worth clients since 2024.
Dimon Yields to Market Demand as Wall Street Warms to Crypto
Jamie Dimon’s latest remarks mark a sharp departure from his years-long hostility toward Bitcoin, signaling a broader shift in traditional finance’s stance on crypto. The JPMorgan CEO—who once called Bitcoin a “fraud,” likened it to a “pet rock,” and said he would “shut it down” if he could—now says the bank will allow clients to purchase the cryptocurrency.
Although Dimon reiterated that he remains personally opposed to Bitcoin, his comments suggest growing demand from clients is forcing institutions like JPMorgan to adapt. “I’ve always been opposed to crypto, Bitcoin, etcetera,” he said. “But we’re going to allow you to buy it.”
The move aligns JPMorgan with other Wall Street firms cautiously expanding digital asset access. Morgan Stanley CEO Ted Pick said earlier this year that the firm would allow its advisors to pitch select spot Bitcoin ETFs to qualified investors, emphasizing a partnership approach with regulators.
Dimon Maintains Bitcoin Criticism While Embracing Blockchain
While Jamie Dimon remains critical of Bitcoin as an asset, he has consistently praised blockchain technology—the infrastructure behind cryptocurrencies. Under his leadership, JPMorgan has actively developed blockchain-based solutions for internal operations, including tokenized payments and digital settlements, even as Dimon has cast doubt on the legitimacy of Bitcoin.
A major shift in the U.S. regulatory environment is also making it easier for banks like JPMorgan to expand crypto offerings. Since Donald Trump returned to the presidency, agencies like the SEC have taken a more industry-friendly stance. In January, the SEC rescinded Staff Accounting Bulletin (SAB) No. 121, a rule that had previously discouraged banks from offering crypto custody services.
With that obstacle removed, traditional financial institutions now face fewer barriers when entering the crypto space. For Dimon and other bank leaders, the path forward has become clearer—even if their personal convictions about Bitcoin remain unchanged.
Quick Facts
- JPMorgan CEO Jamie Dimon confirmed that clients will now be able to buy Bitcoin through the bank, though JPMorgan will not offer custody services.
- Dimon reiterated his personal opposition to Bitcoin but acknowledged that growing client demand has pushed the bank to accommodate crypto purchases.
- JPMorgan’s shift follows broader Wall Street adoption, with firms like Morgan Stanley and Goldman Sachs already offering crypto access to qualified investors.
- Recent U.S. regulatory changes, including the repeal of SAB 121, have cleared the way for traditional banks to expand digital asset services.
