- JP Morgan to allow Bitcoin purchases despite CEO Jamie Dimon’s continued skepticism.
- Bitcoin hits $105K amidst rising institutional adoption.
In a striking shift from its historically anti-crypto stance, JP Morgan is now taking a significant step into the digital asset space.
CEO Jamie Dimon, long known for his skepticism toward cryptocurrencies, revealed that the banking giant will soon permit its clients to buy Bitcoin [BTC].
JP Morgan’s crypto shift
JP Morgan won’t provide custody services for the asset. However, this decision represents a clear shift from its previous stance.
It also signals increasing recognition of client demand as the financial landscape continues to evolve.
Remarking on the same, at JP Morgan’s annual investor day on the 19th of May, Dimon said,
“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.”
Once openly critical of cryptocurrencies, the $4 trillion asset manager is now cautiously stepping into the crypto arena.
In fact, JP Morgan recently completed a tokenized treasuries’ transaction with Chainlink and Ondo Finance. This highlights its growing comfort with blockchain infrastructure.
At the same time, institutional interest in Bitcoin is rising. Strategy’s latest acquisition of 7,390 BTC reflects this increasing demand.
Jamie Dimon’s crypto stance remains unaltered
However, despite this shift, CEO Jamie Dimon’s skepticism toward Bitcoin appears unchanged.
Earlier this year, he reiterated his long-held skepticism by labeling Bitcoin a “Ponzi scheme” and dismissing it as having no intrinsic value.
His recent comments make it clear that while JP Morgan may cater to market demand, its chief remains personally unconvinced about Bitcoin’s legitimacy.
For those unaware, back in 2024, Dimon had stated,
“I don’t know what Bitcoin itself is for, but I defend your right to smoke a cigarette. I’ll defend your right to buy Bitcoin. I won’t personally ever buy Bitcoin.”
And, now in a recent update, Dimon doubled down on his crypto criticism, citing concerns over its links to illicit activities such as money laundering, terrorism financing, and sex trafficking, according to CNBC.
He said,
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
This coincided with Eric Trump’s recent remarks questioning the role of traditional banks like JP Morgan, which only added to the ongoing debate about the future of finance.
What’s more?
However, despite Dimon’s long-standing dismissal of Bitcoin, once calling it a scam and later branding it “worthless” during the 2021 bull market, the crypto asset continues to defy critics.
In fact, as of the latest update, Bitcoin climbed by 3.00% in the past 24 hours and was trading at $105,694.34 at press time.
Thus, with so much unfolding in the crypto space, Bitcoin continues to gain momentum, drawing interest from skeptics to enthusiasts alike.
