NEW YORK — JPMorgan Chase will begin allowing clients to purchase bitcoin, CEO Jamie Dimon confirmed on May 19 during the bank’s annual investor day, signaling a strategic shift in the firm’s approach to cryptocurrency (CNBC).
The move marks a notable departure for the nation’s largest bank, which previously limited its crypto exposure to futures-based products. Clients will now see their bitcoin holdings reflected on account statements, though JPMorgan will not provide custody services for the digital asset.
“We’re going to allow you to buy it,” Dimon said. “We’re not going to custody it.” He framed the policy as a rights-based decision, comparing it to permitting a controversial but legal activity. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he added.
Despite offering access, Dimon reiterated his skepticism toward cryptocurrency. He has long criticized bitcoin, labeling it “worthless” in 2021 and mocking it as “the pet rock” at the 2024 World Economic Forum. Nonetheless, sources say JPMorgan is evaluating the possibility of giving clients access to spot bitcoin exchange-traded funds (ETFs), following similar offerings from peers like Morgan Stanley, which began offering such services to select clients in August 2024.
The bank’s policy shift aligns with broader changes in U.S. crypto regulation. Under the Trump administration, agencies including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency have eased earlier restrictions on digital asset activities. The Federal Reserve has also relaxed certain aspects of its guidance, though some regulatory limitations remain.
Notably, the repeal of accounting rule SAB 121 has cleared the way for banks to offer crypto custody services. However, direct transactions with crypto-native firms are still subject to restrictions.
JPMorgan’s announcement reflects a growing trend among major financial institutions to cautiously embrace crypto exposure—balancing client demand with regulatory risk.
