JPMorgan to allow clients to buy Bitcoin, ETF access reportedly on the table

Banking giant JPMorgan will allow clients to buy Bitcoin, CEO Jamie Dimon said at the firm’s annual investor day.

Speaking to CNBC, Dimon said clients would soon be able to buy Bitcoin, though the bank itself won’t hold the asset. 

“We’re not going to custody it,” he noted, adding only that Bitcoin will appear “in statements for clients.” No additional details were disclosed.

The move marks a notable shift for the largest U.S. bank, particularly as rival Morgan Stanley already offers access to spot Bitcoin ETFs for qualifying clients.

JPMorgan is expected to offer access to Bitcoin exchange-traded funds (ETFs), according to sources cited by CNBC. Until now, the bank’s exposure to crypto has been limited to futures-based products rather than direct investment options.

Still, Dimon made it clear his personal stance on Bitcoin hasn’t changed. He pointed to its association with criminal use cases, including money laundering, sex trafficking, and terrorism. 

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he was quoted as saying.

The remarks echo what he told CBS News back in January, when he said he doesn’t believe Bitcoin has intrinsic value and likened its users to smokers, acknowledging their right to own it while discouraging it personally. 

At the time, he insisted he wasn’t against crypto as a whole but remained firmly opposed to Bitcoin’s utility.

Dimon’s skepticism dates back years. In 2021, during a Senate hearing, he called Bitcoin “worthless” and claimed its only real use case was among “criminals, drug traffickers, and tax avoiders.”

In 2018, he called it a scam and even threatened to fire JPMorgan traders who dealt with it. At Davos earlier this year, after Bitcoin surged past $100,000, he dismissed it again as “the pet rock,” insisting it “does nothing.”

Despite his criticism, JPMorgan has found itself increasingly involved in the decentralized space. 

The bank is listed as an authorized participant in BlackRock’s iShares Bitcoin Trust and has praised blockchain technology, even as its CEO continues to distance himself from Bitcoin specifically.