JPMorgan to Open Bitcoin Access for Clients, Stops Short of Holding Crypto
Jamie Dimon, the CEO of JPMorgan Chase, has confirmed that the bank will soon enable customers to buy Bitcoin—a significant shift for one of crypto’s most vocal critics. However, the bank will not provide custody services for the digital asset.
“We are going to allow you to buy it,” said Dimon during JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”
This announcement comes amid growing institutional demand for exposure to Bitcoin and digital assets, especially following the launch of spot Bitcoin ETFs in the U.S. earlier this year.
Bitcoin Access Through ETFs, Not Direct Holdings
According to CNBC, JPMorgan will facilitate Bitcoin exposure through exchange-traded funds (ETFs) rather than direct ownership. So far, the bank has restricted its crypto-related offerings to futures-based products. This move signals a cautious yet pragmatic step toward accommodating client interest while maintaining distance from hands-on crypto asset management.
Morgan Stanley, a major JPMorgan rival, has also opened up spot Bitcoin ETF offerings to eligible clients. Since the January 2024 approval of spot Bitcoin ETFs in the U.S., the financial product has amassed nearly $42 billion in total inflows, marking strong institutional adoption.
Jamie Dimon: From Critic to Facilitator
Despite this pivot, Dimon has not softened his views on cryptocurrency. At the same event, he reiterated long-held concerns about Bitcoin’s association with illicit activities.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he remarked.
His skepticism has been well documented. In 2018, Dimon labeled Bitcoin a scam. In 2021, during a raging crypto bull market, he called it “worthless.” In a 2023 Senate Banking Committee hearing, he added:
“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.”
Even as recently as the 2024 World Economic Forum in Davos, Dimon dismissed Bitcoin, calling it “the pet rock” shortly after it surpassed $100,000 for the first time.
Financial Giants Embrace Bitcoin ETFs Despite Executive Skepticism
While Dimon remains publicly opposed to the merits of Bitcoin, JPMorgan’s decision to offer access via ETFs reflects the unstoppable momentum of crypto adoption in traditional finance.
With Bitcoin now trading above $100,000 and institutional interest surging, major financial players are finding ways to meet client demand—even if their leadership remains at odds with the asset’s underlying philosophy.
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