JP Morgan Throws Clients a Bitcoin Lifeline—Yes, the Same Dimon Who Called Crypto ’Worthless’

Wall Street’s love-hate relationship with crypto takes another twist as Jamie Dimon greenlights Bitcoin access for JP Morgan clients. The same CEO who famously trashed digital assets now lets his wealthiest customers play the game they’re not supposed to lose.

Behind the velvet rope: Institutional-grade custody solutions and ’educational materials’ (read: how to avoid embarrassing your private banker). Because nothing says ’hedge against inflation’ like a bankster-approved volatile asset.

Closing thought: When the suits start selling shovels in a gold rush, maybe they know the real money isn’t in digging—it’s in charging you for the privilege.

JP Morgan’s crypto shift

JP Morgan won’t provide custody services for the asset. However, this decision represents a clear shift from its previous stance.

It also signals increasing recognition of client demand as the financial landscape continues to evolve.

Remarking on the same, at JP Morgan’s annual investor day on the 19th of May, Dimon said, 

“We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients.”

Once openly critical of cryptocurrencies, the $4 trillion asset manager is now cautiously stepping into the crypto arena.

In fact, JP Morgan recently completed a tokenized treasuries’ transaction with chainlink and Ondo Finance. This highlights its growing comfort with blockchain infrastructure.

At the same time, institutional interest in bitcoin is rising. Strategy’s latest acquisition of 7,390 BTC reflects this increasing demand.

Jamie Dimon’s crypto stance remains unaltered

However, despite this shift, CEO Jamie Dimon’s skepticism toward Bitcoin appears unchanged.

Earlier this year, he reiterated his long-held skepticism by labeling Bitcoin a “Ponzi scheme” and dismissing it as having no intrinsic value.

His recent comments make it clear that while JP Morgan may cater to market demand, its chief remains personally unconvinced about Bitcoin’s legitimacy.

For those unaware, back in 2024, Dimon had stated, 

“I don’t know what Bitcoin itself is for, but I defend your right to smoke a cigarette. I’ll defend your right to buy Bitcoin. I won’t personally ever buy Bitcoin.” 

And, now in a recent update, Dimon doubled down on his crypto criticism, citing concerns over its links to illicit activities such as money laundering, terrorism financing, and sex trafficking, according to CNBC.

He said,

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”

This coincided with Eric Trump’s recent remarks questioning the role of traditional banks like JP Morgan, which only added to the ongoing debate about the future of finance.

What’s more?

However, despite Dimon’s long-standing dismissal of Bitcoin, once calling it a scam and later branding it “worthless” during the 2021 bull market, the crypto asset continues to defy critics.

In fact, as of the latest update, Bitcoin climbed by 3.00% in the past 24 hours and was trading at $105,694.34 at press time.

Thus, with so much unfolding in the crypto space, Bitcoin continues to gain momentum, drawing interest from skeptics to enthusiasts alike.