JPMorgan boss says bank users can soon buy Bitcoin

Jamie Dimon, the CEO of JPMorgan, said his slope volition soon let its clients to bargain Bitcoin, but it won’t custody the cryptocurrency.

“We are going to let you to bargain it,” Dimon said astatine JPMorgan’s yearly capitalist time connected May 19. “We’re not going to custody it. We’re going to enactment it successful statements for clients.”

CNBC reported that Dimon besides remarked connected his long-held skepticism astir crypto assets, pointing to their usage successful wealth laundering, enactment trafficking and terrorism.

“I don’t deliberation you should smoke, but I support your close to smoke. I support your close to bargain Bitcoin,” helium said.

Michael Saylor comments connected Dimon’s announcement. Source: Michael Saylor

JPMorgan volition connection clients entree to Bitcoin (BTC) exchange-traded funds (ETFs), CNBC reported, citing sources acquainted with the situation. Until now, the steadfast has constricted its crypto vulnerability chiefly to futures-based products, not nonstop ownership of integer assets.

Related: Morgan Stanley advisers tin officially transportation Bitcoin ETFs

JPMorgan rival Morgan Stanley has besides moved to connection spot Bitcoin ETFs to qualifying clients. Spot Bitcoin ETFs successful the US person seen important adoption, with astir $42 cardinal successful full aggregate inflows since they launched successful January 2024. 

Dimon’s Bitcoin bashing history

Dimon has agelong been skeptical of Bitcoin, labeling it a scam that helium had nary involvement successful buying successful 2018 and calling it “worthless” during the 2021 crypto bull market.

“I’ve ever been profoundly opposed to crypto, Bitcoin, etc.,” helium said during a Senate Banking Committee proceeding successful 2023. “The lone existent usage lawsuit for it is criminals, cause traffickers, wealth laundering, taxation avoidance.”

“If I were the government, I’d adjacent it down,” helium said.

At the 2024 World Economic Forum successful Davos, Switzerland, Dimon said Bitcoin “does nothing. I telephone it the favored rock,” which came aft the plus topped $100,000 for the archetypal time.  

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