JPMorgan Chase CEO speaks out: allows clients to buy Bitcoin, but remains skeptical about cryptocurrencies

JP Morgan Chase finally announced on Monday that it will allow clients to invest in Bitcoin, but the bank's CEO Jamie Dimon remains skeptical about Bitcoin. He stated at JP Morgan's annual investor day on Monday: "We will allow you to buy it, but we will not hold it for you. We will only list it on the client's account statement." Media analysis suggests that this decision is significant for JP Morgan, especially considering Dimon's long-standing criticism of Bitcoin and the entire cryptocurrency market. This also marks a further entry of Bitcoin into the mainstream investment market. Since August last year, Morgan Stanley has allowed its financial advisors to recommend spot Bitcoin ETFs to eligible clients. Dimon has made it clear that his personal view on Bitcoin has not changed. He reiterated concerns about money laundering, unclear ownership, and "uses related to sex trafficking and terrorism." "I don't think you should smoke, but I defend your right to smoke, and I also defend your right to buy Bitcoin." A source revealed to the media that JP Morgan is considering providing clients with investment channels for Bitcoin ETFs. Previously, the bank primarily limited clients' exposure to cryptocurrencies to futures-based products rather than direct holdings of Bitcoin. During the cryptocurrency surge in 2021, Dimon called Bitcoin "worthless." At a U.S. Senate hearing at the end of 2023, he stated: "I have always been firmly opposed to cryptocurrencies, Bitcoin, etc. The only real use of Bitcoin is for criminals, drug dealers... money laundering, tax evasion. If I were the government, I would shut it down directly." At the 2024 Davos World Economic Forum, Dimon reiterated his stance: "Bitcoin has no purpose. I call it a 'pet rock.' This is my last time talking about Bitcoin with CNBC, may God be my witness." Meanwhile, Morgan Stanley's CEO Ted Pick stated to the media at this year's Davos Forum that the investment bank is exploring ways to further participate in the cryptocurrency market while adapting to the changing regulatory environment under President Trump's leadership. Since Trump took office in January this year, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have rescinded previous restrictive guidelines on cryptocurrencies, and the Federal Reserve has followed suit to some extent. Although an accounting rule known as SAB 121 has been abolished, allowing banks to custody crypto assets, they still face some restrictions in directly collaborating with digital asset companies. A notice issued by the Federal Reserve in January 2023 currently restricts banks from participating in certain cryptocurrency-related businesses