JPMorgan Chase to Allow Bitcoin Trading, Says CEO Jamie Dimon
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon, who has long expressed skepticism toward cryptocurrencies, said the bank will now permit clients to trade Bitcoin—even though he personally remains critical of it.
“Personally, when I look at the Bitcoin universe… there's the sex trafficking, the terrorism—I’m not a fan of it,” Dimon said Monday during the bank’s annual investor day, according to a transcript from AlphaSense. He cited the use of cryptocurrencies in illicit activities as a major concern.
Despite his reservations, Dimon emphasized that JPMorgan will support client demand for Bitcoin trading:
“We're going to allow you to buy it. And we are not going to custody it. We're going to put it in statements for clients.”
The move follows a broader trend among major financial institutions. Rival Morgan Stanley (NYSE: MS) has allowed its wealth advisors to offer spot Bitcoin ETFs since August. Bloomberg also reported that Morgan Stanley is working to expand crypto access via its E*Trade platform.
Although JPMorgan is joining in, Dimon reiterated that his personal view on Bitcoin hasn’t changed.
“I don’t think you should smoke, but I defend your right to smoke,” he said. “I defend your right to buy Bitcoin. Go at it.”
At the time of the announcement, Bitcoin was trading above $105,000, continuing its strong performance amid growing institutional interest.
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon, who has long expressed skepticism toward cryptocurrencies, said the bank will now permit clients to trade Bitcoin—even though he personally remains critical of it.
“Personally, when I look at the Bitcoin universe… there's the sex trafficking, the terrorism—I’m not a fan of it,” Dimon said Monday during the bank’s annual investor day, according to a transcript from AlphaSense. He cited the use of cryptocurrencies in illicit activities as a major concern.
Despite his reservations, Dimon emphasized that JPMorgan will support client demand for Bitcoin trading:
“We're going to allow you to buy it. And we are not going to custody it. We're going to put it in statements for clients.”
The move follows a broader trend among major financial institutions. Rival Morgan Stanley (NYSE: MS) has allowed its wealth advisors to offer spot Bitcoin ETFs since August. Bloomberg also reported that Morgan Stanley is working to expand crypto access via its E*Trade platform.
Although JPMorgan is joining in, Dimon reiterated that his personal view on Bitcoin hasn’t changed.
“I don’t think you should smoke, but I defend your right to smoke,” he said. “I defend your right to buy Bitcoin. Go at it.”
At the time of the announcement, Bitcoin was trading above $105,000, continuing its strong performance amid growing institutional interest.