JPMorgan Chase, the largest bank in the U.S., has announced it will support Bitcoin purchases for its clients, marking a significant shift in its policy.
Change in JPMorgan's Position
At the Investor Day event in 2025, CEO Jamie Dimon confirmed that the bank would allow its clients to buy Bitcoin. This statement signifies an important change in the stance of the largest U.S. bank, which had previously criticized cryptocurrencies.
Limitations on Custody Services
While JPMorgan will facilitate Bitcoin purchases, the bank will not provide custody services for the cryptocurrency. Clients can buy Bitcoin, but the bank will not hold or safeguard these digital assets on their behalf. This decision follows JPMorgan's recent advancements in blockchain technology.
Jamie Dimon's Criticism of Bitcoin
Despite this operational shift, Dimon reiterated his personal skepticism toward Bitcoin, describing himself as 'not a fan' and comparing it to a 'pet rock.' He expressed concerns about its use in illicit activities, such as money laundering and terrorism financing. According to Dimon, although he would never invest in Bitcoin, he defends clients' rights to purchase it.
JPMorgan's decision to allow Bitcoin purchases highlights the bank's adaptation to client demand and market trends, even as its CEO maintains a cautious perspective on cryptocurrencies.
