JPMorgan Chase will allow clients to buy Bitcoin, despite CEO Jamie Dimon’s criticism of the cryptocurrency.
Dimon, a long-time Bitcoin sceptic, announced the move at JPMorgan Chase’s annual investor day. The bank also reportedly plans to offer its clients access to Bitcoin exchange-traded funds.
“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,” said Dimon.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
According to Dimon, he remains “not a fan of” Bitcoin due to concerns around the coin’s customer verification processes and ability to fund illegal activities.
Dimon said in Davos last year that while he believed other cryptocurrencies could legitimately be used for valuable purchases like real estate, Bitcoin “does nothing”. “My personal advice would be ‘don’t get involved’,” he said.
Morgan Stanley became the first major Wall Street bank to offer Bitcoin ETFs to certain clients in August. Eligible clients must have a net worth of at least US$1.5 million and an aggressive risk tolerance, and would be allowed to buy shares in Bitcoin ETFs from BlackRock and Fidelity.
Goldman Sachs also had more than US$1.5 billion in Bitcoin ETF holdings by the end of 2024.
JPMorgan Chase’s (NYSE: JPM) share price closed at US$265.68, up from its previous close of $264.88. Its market capitalisation is $738.4 billion.
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