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JPMorgan Chase has reversed course on Bitcoin. The nation's largest bank will now let clients buy the cryptocurrency, marking a significant turn for CEO Jamie Dimon, once its most vocal critic. Dimon made the announcement on May 19, during the bank's annual investor day, saying, "We are going to allow you to buy it. We're not going to custody it. We're going to put it in statements for clients."
This announcement follows nearly a decade of Dimon denouncing Bitcoin. In 2021, he labeled it "worthless." In 2023, he told Congress the only real use cases were "criminals, drug traffickers... money laundering, tax avoidance." Just last year in Davos, Dimon called Bitcoin a "pet rock" and swore it was his final public comment on the matter. He once even told CNBC, "If I were the government, I'd shut it down."
Yet, JPMorgan is now joining rivals like Morgan Stanley, which began offering Bitcoin ETF access to select clients in August 2024. Morgan Stanley CEO Ted Pick stated at the 2025 Davos summit, "We are committed to expanding our presence in digital assets." His firm's move proved pivotal, especially amid a regulatory reset.
This shift in strategy arrives under a new political climate. Since President Donald Trump's return to office in January, crypto policy has thawed considerably. The Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rolled back restrictive guidance. While Federal Reserve rules still limit direct crypto involvement, banks can now custody digital assets following the repeal of the controversial SEC rule SAB 121.
Dimon, despite the pivot, hasn't altered his views. "I don't think you should smoke, but I defend your right to smoke," he said. "I defend your right to buy bitcoin." JPMorgan's offering will reportedly center on Bitcoin ETFs rather than direct ownership, according to insiders.
The announcement also reignited speculation about Dimon's successor. During the investor day, he mentioned staying as executive chairman even after stepping down. "If I'm here for four more years, and maybe two or three as executive chair, that's a long time," he said. Mary Erdoes, head of asset and wealth management, remains a top contender.
JPMorgan's move signals more than institutional acceptance. It reflects the complex balancing act between personal skepticism, client demand, and political winds. For Dimon, it may not be an endorsement—but it's unmistakably an acknowledgment that the crypto economy is here to stay.
