JPMorgan Chase will now allow its clients to buy bitcoin, marking a notable reversal by CEO Jamie Dimon, who has long been one of the financial world’s most outspoken critics of crypto. Speaking at the bank’s annual investor day, Dimon confirmed the shift, stating, “We are going to allow you to buy it,” while clarifying, “We’re not going to custody it. We’re going to put it in statements for clients.”
Dimon’s stance on bitcoin remains unchanged despite the move. In 2023, he described crypto as useful primarily for “criminals, drug traffickers, money laundering, tax avoidance” during a Senate Banking Committee hearing. This week, he doubled down on that view but acknowledged customer demand: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
The change in policy coincides with a more crypto-friendly regulatory environment under the Trump administration. In March, the Federal Deposit Insurance Corporation announced that U.S. banks no longer need prior approval to engage in crypto-related activities — a major shift in oversight that is encouraging Wall Street institutions to step into the space more openly.
JPMorgan will not hold crypto assets on behalf of clients but will support visibility of such holdings, giving its customers easier access to bitcoin exposure while mitigating custodial risk. The bank’s move signals a pragmatic pivot to meet investor appetite, even as top leadership remains wary of the asset class.