JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon, known for his repeated criticisms of Bitcoin (CRYPTO: BTC), acknowledged at the bank's investor day this week that the firm will now allow clients to buy the cryptocurrency, though it will not offer custody services.
What Happened: Dimon's remarks mark a shift in tone for the leader of the largest U.S. bank, according to The Block.
Despite referring to Bitcoin as a "Ponzi scheme" as recently as January and maintaining he sees "no value" in it, the firm is adapting to rising institutional and retail demand for digital assets.
The CEO also remained skeptical about blockchain's long-term impact.
"We've been talking about blockchain for 12 years, not much has happened, it ain't like AI," he said at a separate event in September 2024.
Although Dimon continues to distance himself from Bitcoin philosophically, his bank has become increasingly engaged with the broader blockchain sector.
Last year, he acknowledged JPMorgan as a significant user of blockchain technology, highlighting the firm’s involvement in various enterprise initiatives.
Also Read: Altcoin Rotation Is Coming, Expert Says: Will ETH, XRP, Dogecoin Benefit?
Why It Matters: The firm's evolving stance comes amid a broader policy shift in Washington.
The Trump administration has taken a more favorable view of digital assets, prompting more engagement from traditional financial institutions.
Earlier this year, Federal Reserve Chair Jerome Powell said U.S. banks can serve crypto clients, provided they adequately manage the associated risks.
Still, regulatory concerns remain.
In January, TD Cowen noted that banks are likely to maintain limited exposure to crypto due to ongoing worries around money laundering compliance and risk management frameworks.
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