Having once said he would shut the crypto industry down, Jamie Dimon has confirmed that JPMorgan Chase will now let its clients buy bitcoin.
Speaking at the bank's annual investor day, according to CNBC Dimon told the audience: “We are going to allow you to buy it [bitcoin]”, adding, “We’re not going to custody it. We’re going to put it in statements for clients.”
The JPMorgan chief has been a vocal critic of bitcoin and crypto in general. In 2023 he told a Senate Banking Committee: “I’ve always been deeply opposed to crypto, bitcoin, etc. The only true use case for it is criminals, drug traffickers...money laundering, tax avoidance.”
This week, he made it clear that his views have not changed, telling the investor day: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
JPMorgan's change of policy comes amid an evolving regulatory environment under the Trump administration. In March, the Federal Deposit Insurance Corporation said that US banks no longer need to receive prior approval before engaging in crypto-related activities.