Dimon Acknowledges Client Demand Despite Long-Standing Crypto Skepticism
JPMorgan CEO Jamie Dimon has confirmed that the banking giant will begin offering clients access to Bitcoin, signaling a notable shift in tone despite his well-known opposition to cryptocurrencies.
Speaking at JPMorgan’s annual investor day on May 19, Dimon said the bank will allow clients to buy Bitcoin but will not provide custody services.
“We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients,” Dimon told investors.
According to CNBC, JPMorgan plans to provide clients access to spot Bitcoin exchange-traded funds (ETFs) — a departure from the firm’s previous crypto exposure, which was limited primarily to futures-based products.
JPMorgan Joins Rivals in Offering Bitcoin Exposure
JPMorgan’s move follows a wave of institutional support for spot Bitcoin ETFs. Rival Morgan Stanley began offering spot Bitcoin ETF access to qualifying clients earlier this year.
Since their launch in January 2024, spot Bitcoin ETFs have attracted nearly $42 billion in cumulative inflows, underscoring the strong demand for regulated, institutional-grade Bitcoin investment vehicles.
The decision positions JPMorgan to remain competitive in serving high-net-worth individuals and institutional clients seeking crypto exposure through trusted financial channels.
Dimon: Still Not a Believer
Despite the shift in services, Dimon reiterated his skepticism about Bitcoin and the broader crypto ecosystem during the same event.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said, likening the asset’s risks to personal vices.
Dimon also repeated concerns over Bitcoin’s alleged association with illicit activity, including money laundering, sex trafficking, and terrorism financing.
His past criticism includes:
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2018: Called Bitcoin a “fraud” and said he had “no interest” in it.
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2021: Branded Bitcoin “worthless” during the bull market.
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2023 Senate hearing: Urged lawmakers to consider “shutting it down” entirely.
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2024 Davos forum: Called Bitcoin “a pet rock”, even after the asset crossed $100,000 for the first time.
Final Thoughts: Dimon Yields to Market Demand
While Jamie Dimon remains firmly opposed to Bitcoin philosophically, his decision to allow JPMorgan clients access to spot Bitcoin ETFs is a clear acknowledgment of shifting investor demand and the growing role of Bitcoin in traditional finance.
Even as he warns of crypto’s risks, JPMorgan’s move adds further legitimacy to Bitcoin’s place in global capital markets and could accelerate institutional adoption in the months ahead.
