Banking major JPMorgan will allow its customers to buy bitcoin, said CEO Jamie Dimon during his speech at the bank’s annual investor day, CNBC reported. Dimon went on to say that while the banking group will allow clients to buy the cryptocurrency, the financial institution won’t provide custody for the asset class.
“We’re going to allow you to buy it,” said Dimon. “We’re not going to custody it. We’re going to put it in statements for clients.”
He likened the act of buying bitcoin to smoking with these comments.
“I don’t think you should smoke, but I defend your right to smoke,” said Dimon. “I defend your right to buy bitcoin.”
The update represents a far shift from Jamie Dimon’s stance on cryptocurrencies, reflected in his remarks when the crypto market was soaring in 2021 when he said Bitcoin was worthless.
During a Senate hearing in 2023, he told U.S. lawmakers that he’s always been opposed to the asset class. He also said the true use case for the coin was criminals, drug traffickers, money laundering, and tax avoidance.
This move occurs as many U.S. states and government institutions are pushing for a pro-Bitcoin agenda. U.S. investment bank Morgan Stanley has allowed its financial advisors to propose spot-Bitcoin ETFs to certain clients.