CEO Jamie Dimon announced that JPMorgan will allow its clients to purchase Bitcoin, but the bank will not engage in the custody of their cryptocurrency.
Approval for Bitcoin Purchases
Dimon stated that JPMorgan clients will be able to buy Bitcoin. However, he clarified that the bank will not engage in cryptocurrency custody for its clients.
Jamie Dimon's Position
While Dimon allows clients to trade Bitcoin, he himself remains a critic of the cryptocurrency. In 2017, he famously declared he would ban any employee from trading Bitcoin, and his stance has not changed since then. Dimon has repeatedly compared Bitcoin to smoking cigarettes.
Blockchain Technology and Its Significance
Dimon also expressed doubts about the importance of blockchain technology, stating that it does not matter as much as one might think. Nevertheless, JPMorgan has been working on its own blockchain technology and recently conducted a transaction on a private ledger.
Despite Jamie Dimon's mixed feelings toward Bitcoin and blockchain technologies, JPMorgan is taking steps toward the crypto industry by allowing its clients to engage in cryptocurrency purchases.
