JPMorgan Chase (JPM) is now giving clients the option of buying Bitcoin (BTC), the largest cryptocurrency by market capitalization.
At the company’s annual Investor Day, JPMorgan Chase CEO Jamie Dimon said the world’s largest bank is shifting its approach to digital assets.
“We are going to allow you to buy it,” Dimon told shareholders when asked about Bitcoin, though he stressed that the bank has no plans to hold the asset in custody.
The change towards Bitcoin is not only a reversal at JPMorgan Chase but for Dimon himself, who has long been a vocal critic of cryptocurrencies.
In the past, Dimon has called Bitcoin a “decentralized Ponzi scheme.”
At the latest Investor Day, Dimon grudgingly acknowledge demand for Bitcoin and other cryptocurrencies.
However, he stressed that he himself is still “not a fan” of Bitcoin, mainly because of its use in illegal activities such as money laundering.
Dimon also pushed back on the hype surrounding blockchain technology, saying it’s less important than people think.
“We have been talking about blockchain for 12 to 15 years,” said Dimon. “We spend too much on it. It doesn’t matter as much as you all think.”
The stock of JPMorgan Chase has gained 10% in 2025 to trade at $264.88 U.S. a share.
