Longtime Bitcoin critic Jamie Dimon, chief executive of JPMorgan Chase, said the world’s largest bank will allow clients to buy the world’s largest cryptocurrency — but it will not keep custody.
Over the years, Dimon has said that Bitcoin has no value, and he even referred to it as a Ponzi scheme this past January. He reiterated Monday at a JPMorgan Chase investor day event that he is still not a fan of Bitcoin, according to multiple reports.
Last fall, Dimon said JPMorgan is “probably one of the bigger users of blockchain,” although on Monday claimed blockchain does not matter as much as people think.
“We’ve been talking about blockchain for 12 years, not much has happened — it ain’t like AI,” Dimon said in September 2024.
Dimon and other big bank CEOs opened up earlier this year about their struggles with crypto amid criticism that the U.S. government has limited what they can do in the industry. However, the Trump administration’s embrace of digital assets has led to an about-face for many in traditional finance. U.S. Federal Reserve Chairman Jerome Powell said banks can serve crypto clients as long as they can manage the risk.
“The threshold has been a little higher for banks engaging in crypto activities and that’s because they’re so new,” Powell said in January. Shortly thereafter, investment bank TD Cowen said banks will limit their crypto exposure as long as anti-money laundering risks are still at play.
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