JPMorgan’s Jamie Dimon just gave Bitcoin the ultimate mixed message: clients can buy it, but don’t expect the bank to hold a single satoshi. Speaking to CNBC, Dimon spilled the beans that Bitcoin will soon show up on client statements, but JPMorgan won’t be playing custodian.
This is a big pivot for the biggest U.S. bank, especially since rival Morgan Stanley is already letting some clients buy spot Bitcoin ETFs. JPMorgan is jumping on the Bitcoin ETF bandwagon too, moving beyond their usual futures-based crypto products.
But don’t get it twisted, Dimon’s personal beef with Bitcoin remains. He’s still wary of its shady connections to money laundering, sex trafficking, and terrorism.
In his words, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
This isn’t new for Dimon. Back in January, he told CBS News he thinks Bitcoin lacks intrinsic value, likening it to a bad habit you have the right to indulge in but probably shouldn’t. His skepticism goes way back: in 2021, he called Bitcoin “worthless,” only good for criminals and tax dodgers. In 2018, he even threatened to fire JPMorgan traders dabbling in Bitcoin. At Davos this year, after Bitcoin hit $100,000, he shrugged it off as “the pet rock” that “does nothing.”
Still, JPMorgan’s cozying up to the crypto world in other ways. They’re an authorized participant in BlackRock’s iShares Bitcoin Trust and are big fans of blockchain tech, just don’t expect Dimon to start calling Bitcoin his buddy anytime soon.
Abimbola Adu
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