The bank has long been opposed to crypto, but could be changing its stance
JPMorgan is making a major change in its approach to cryptocurrency. The bank, long known for its critical stance on digital assets, is now preparing to let clients buy Bitcoin. CEO Jamie Dimon confirmed the decision during the bank’s annual investor day, stating that while JPMorgan will allow purchases, it will not hold the Bitcoin for clients. Instead, those assets will simply appear on client statements.
This shift is especially surprising considering Dimon’s past comments. He has been openly critical of Bitcoin for years, often pointing out its links to criminal activity, tax avoidance, and fraud. In various public appearances and hearings, he’s called Bitcoin “worthless,” even going as far as suggesting that the government should shut it down. Earlier this year, after Bitcoin passed the $100,000 mark, Dimon again dismissed its value, comparing it to a “pet rock.”
“I defend your right to buy Bitcoin.” – Jamie Dimon, JPMorgan CEOhttps://t.co/zc8CjKdAb9
— Michael Saylor (@saylor) May 19, 2025
Despite those views, the demand for cryptocurrency investments continues to grow. JPMorgan plans to give clients access to Bitcoin through exchange-traded funds (ETFs), rather than direct purchases of the asset. This is a step beyond the futures-based exposure the firm had previously allowed. It follows moves by other major financial institutions, including Morgan Stanley, which already offers spot Bitcoin ETFs to qualified investors.
The market for spot Bitcoin ETFs in the US has grown rapidly since their launch in January 2024, bringing in billions in new investments. While JPMorgan is not ready to fully embrace crypto custody, it’s clear the firm wants to keep up with client interest and competitors.
For now, the bank is taking a cautious step into the space. It’s not a full embrace of cryptocurrency, but it marks a clear shift in tone from one of the industry’s most vocal critics.
