Jamie Dimon, CEO of JPMorgan Chase, said the bank will allow clients to buy bitcoins. 

However, he added that it will not keep it in custody. 

Dimon is allowing the clients to buy the cryptocurrency despite his reservations against the asset. 

Dimon is critical of bitcoin and cryptocurrencies, pointing out that his personal opinion on them remains unchanged. 

The investment bank’s CEO compared buying bitcoin to smoking, saying, “I don’t think you should smoke, but I defend your right to smoke.”

“Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.” Dimon added. 

Jamie Dimon had called cryptocurrencies “worthless” during the 2021 bull run. 

In a 2023 Senate hearing, he said that he was always against cryptocurrencies. 

In that hearing, he said cryptocurrencies were used by criminals, drug traffickers, and were used in money laundering and tax avoidance. 

Speaking at the 2024 Economic Forum in Davos, he said, “Bitcoin does nothing. I call it the pet rock.”

JPMorgan’s opening to bitcoin is the latest among banks and governments’ embrace of the digital asset. 

Until now, the bank had only allowed owning crypto futures. 

Morgan Stanley, in August 2024, had allowed its employees to pitch bitcoin exchange-traded funds to interested clients. 

Ted Pick, Morgan Stanley’s CEO said in January 2025 that the bank will be working with the US regulators to increase its involvement in cryptocurrency markets. 

Under the previous US administration led by former US President Joe Biden, banks were not allowed to own physical bitcoin. 

The exposure was limited to bitcoin derivatives. 

The Securities and Exchange Commission (SEC) also sued multiple crypto entities like Coinbase and Kraken.

However, the current President Donald Trump’s administration is more accommodating towards digital assets. 

Under the new laws, banks can now custody crypto, though they still have restrictions on working with crypto firms directly. 

The Federal Deposit Insurance Corporation and the Currency Comptroller’s Office have removed their anti-crypto guidance. 

The SEC also agreed to drop its lawsuit against Kraken. 

The US SEC chair, Paul Atkins, said in May that the regulator is looking to establish rules for crypto token distribution.

Atkins said he is also considering changing rules that registered brokers with alternative trading system can facilitate trading in bitcoin or ether. 

Various US states introduced crypto reserve bills, with Texas being the first among them. 

Bitcoin in 2025 has given a 12% return, outperforming the S&P 500 index which was only up 1.47%. 

Bitcoin has seen inflows worth $7.21 billion in the year so far, amassing up to $147.9 billion assets under management. 

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