In a notable development for the cryptocurrency sector, JPMorgan Chase, the $4 trillion asset management giant, has announced it will permit its clients to buy Bitcoin. This shift was confirmed by CEO Jamie Dimon during the bank’s 2025 Investor Day event, marking a significant change in stance for the largest U.S. bank.
While JPMorgan will facilitate Bitcoin purchases, it will not offer custody services for the cryptocurrency, meaning clients can buy Bitcoin but the bank will not hold or safeguard the digital assets on their behalf. This move follows JPMorgan’s recent blockchain advancements, including the settlement of its first public transaction of tokenized treasuries in partnership with leading blockchain firms, signaling growing institutional acceptance of blockchain technology.
Despite this operational shift, Dimon reiterated his personal skepticism toward Bitcoin. He described himself as “not a fan” and compared Bitcoin to a “pet rock,” expressing concerns about its use in illicit activities such as money laundering, sex trafficking, and terrorism financing. Dimon emphasized that although he personally would never invest in Bitcoin, he defends clients’ rights to purchase it, likening it to defending the right to smoke cigarettes.
This announcement is striking given Dimon’s long-standing critical views on Bitcoin. In previous years, he labeled Bitcoin as “worthless,” a “fraud,” and even suggested that if he were in charge of the U.S. government, he would shut down cryptocurrencies entirely. Nonetheless, JPMorgan’s evolving approach reflects the increasing mainstream integration of digital assets into traditional finance, as Bitcoin’s price recently surged past $105,000, reaching new all-time highs in 2025.
In summary, JPMorgan’s decision to allow Bitcoin purchases signals a pragmatic adaptation to client demand and market trends, even as its CEO maintains a cautious and critical perspective on the cryptocurrency’s broader role and value.
