Despite Being A Longtime Bitcoin Critic, Jamie Dimon Says His Bank Will Now Let Clients Buy BTC

Longtime outspoken Bitcoin critic Jamie Dimon, CEO of JPMorgan Chase, said the world’s largest bank will soon allow its clients to buy Bitcoin (BTC). While JPMorgan will not custody the top crypto, the move signals a shift in how the bank deals with the asset.

JPMorgan Clients Will Soon Be Able To Buy Bitcoin

Speaking at JPMorgan’s annual Investor Day on Monday, Jamie Dimon revealed that the bank he runs will now allow clients to purchase BTC.

“We are going to allow you to buy it,” Dimon told shareholders, though he added JPMorgan will not provide custody services for the asset.

Dimon previously stated that JPMorgan was “probably one of the biggest users of blockchain,” but on Monday, he dismissed the hype around blockchain, asserting it’s less important than people make it out to be.

“We have been talking about blockchain for 12 to 15 years,” he opined. “We spend too much on it. It doesn’t matter as much as you all think.”

It’s worth mentioning that JPMorgan’s Kinexys Digital Payments platform recently settled a tokenized U.S. Treasury transaction on a public blockchain, in collaboration with Ondo Finance and Chainlink.

Dimon Still Isn’t A Fan Of Bitcoin

Over the years, Dimon has maintained that Bitcoin “has no intrinsic value”. In 2017, he even threatened to fire any employee found trading the apex crypto, describing the act as “stupid.”

He doubled down on Monday that he is still not a fan of Bitcoin because of its use for illicit activities like sex trafficking and money laundering. 

Earlier this year, Dimon and other banking bosses spoke about their struggles with crypto amid criticism that the U.S. government has restricted what they can do in the burgeoning sector. 

However, the pro-crypto Trump administration has triggered a change of heart for many in legacy finance. Goldman Sachs, for instance, recently mentioned crypto in its annual report for the first time and hinted that the Wall Street giant could participate in crypto if US regulations shift.

Notably, U.S. Federal Reserve Chairman Jerome Powell announced that banks can serve crypto clients as long as they can handle the risk.