In a surprising but telling shift, JPMorgan CEO Jamie Dimon—long known as one of Wall Street’s most vocal Bitcoin skeptics—has confirmed that his firm will soon enable clients to purchase Bitcoin. The move marks a cautious embrace of the crypto asset, even as Dimon maintains a wary stance on the broader cryptocurrency ecosystem.
Speaking at JPMorgan’s annual investor day on May 19, Dimon told attendees, “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.” His remarks reflect a nuanced approach: while the bank is not diving headfirst into crypto custody services, it’s clearly aware of the increasing client demand for exposure to Bitcoin.
According to a CNBC report citing sources close to the matter, JPMorgan intends to offer clients access to Bitcoin through exchange-traded funds (ETFs), rather than enabling direct crypto purchases or storage. This development aligns JPMorgan with other major financial players like Morgan Stanley, which recently expanded its offerings to include spot Bitcoin ETFs for qualified clients.
The timing is notable. Since the launch of spot Bitcoin ETFs in the U.S. in January 2024, the products have attracted nearly $42 billion in aggregate inflows, reflecting the strong institutional appetite for regulated Bitcoin exposure. By moving in this direction, JPMorgan is clearly looking to meet its clients where they are—even if Dimon himself remains unconvinced about Bitcoin’s value.
That skepticism is well documented. Over the years, Dimon has taken every opportunity to criticize Bitcoin, calling it “worthless,” “a fraud,” and “a pet rock” at different points. As recently as 2023, during a Senate Banking Committee hearing, Dimon said, “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. If I were the government, I’d close it down.”
And yet, despite his criticisms, Dimon appears to be drawing a line between his personal views and the interests of JPMorgan’s clients. Using a familiar analogy, he said, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.” In other words, while he doesn’t endorse Bitcoin, he acknowledges his clients’ right to access it—and JPMorgan’s responsibility to provide that access in a compliant and transparent manner.
This shift could signal a broader transformation in how traditional financial institutions approach digital assets. Rather than maintaining a rigid anti-crypto stance, banks like JPMorgan are beginning to accept that Bitcoin—especially when wrapped in the regulatory framework of ETFs—is becoming an increasingly mainstream asset.
MicroStrategy co-founder Michael Saylor, a vocal Bitcoin advocate, didn’t miss the opportunity to chime in on social media, celebrating the move as further validation of Bitcoin’s growing role in institutional portfolios.
While JPMorgan is still steering clear of custody services—a complex arena involving compliance, cybersecurity, and risk management—the decision to offer access to Bitcoin ETFs is a step that could help further legitimize digital assets in the eyes of traditional investors.
As the divide between personal conviction and professional strategy grows more apparent, Dimon’s pivot underscores a larger trend: Wall Street can no longer ignore Bitcoin, even if it doesn’t fully embrace it.
