Source: Cointelegraph
Original: “JPMorgan Boss Says Bank Users Will Soon Be Able to Buy Bitcoin (BTC)”
JPMorgan CEO Jamie Dimon announced that the bank will soon allow customers to purchase Bitcoin, but will not provide custody services.
"We will allow customers to buy Bitcoin," Dimon said at JPMorgan's annual investor conference on May 19. "We will not custody it, but we will show it on customer statements."
According to CNBC, Dimon reiterated his long-standing skepticism about crypto assets, specifically pointing out their use in money laundering, illegal human trafficking, and terrorism.
"While I don't think you should smoke, I respect your right to smoke. Similarly, I respect your right to buy Bitcoin," he said.
CNBC cited sources saying that JPMorgan will provide customers access to Bitcoin exchange-traded funds (ETFs). So far, the financial institution has primarily limited its cryptocurrency business to futures-based products rather than directly holding digital assets.
JPMorgan's competitor Morgan Stanley has also begun offering spot Bitcoin ETF services to eligible clients. Since its launch in January 2024, the U.S. spot Bitcoin ETF has attracted nearly $42 billion in total inflows, demonstrating strong market acceptance.
Dimon has consistently criticized Bitcoin, calling it a scam in 2018 and expressing no interest in purchasing it, while during the 2021 cryptocurrency bull market, he referred to it as "worthless."
"I have always been deeply opposed to cryptocurrencies, Bitcoin, and similar products," he stated during a 2023 Senate Banking Committee hearing. "Its only real use is to facilitate criminals, drug dealers, money laundering, and tax evasion."
"If I were the government, I would shut it down," he said at the time.
At the 2024 World Economic Forum in Davos, following Bitcoin's first breakthrough of $100,000, Dimon commented, "Bitcoin does nothing. I call it a 'pet rock.'"
Related: Solana Labs subsidiary Anza proposes "the biggest change" in network consensus.
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