JP Morgan Caves to Crypto Demand—Now Lets Clients Buy Bitcoin

Wall Street’s reluctant embrace of Bitcoin hits a new milestone as JP Morgan—once a vocal crypto skeptic—flips the script. The banking giant will now allow wealth management clients to buy Bitcoin through their accounts, signaling a tectonic shift in institutional adoption.

Behind the velvet rope: Only ’accredited investors’ need apply

The service comes with JP Morgan’s signature compliance handcuffs: high net-worth filters, rigorous risk disclosures, and probably enough paperwork to mint an NFT. Because nothing says ’decentralized revolution’ like a 12-page suitability questionnaire.

Bonus jab: Somewhere in Manhattan, Jamie Dimon is muttering ’blockchain not Bitcoin’ into his third martini.

JP Morgan Chase, under the leadership of CEO Jamie Dimon, will now permit its clients to purchase Bitcoin, a notable shift for the largest U.S. bank, given Dimon’s history of criticizing the cryptocurrency.

Dimon announced the decision at the bank’s annual investor day, stating, “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,” CNBC reported. The bank is reportedly looking to offer clients access to Bitcoin ETFs.

Despite this decision, Dimon reiterated his skepticism about Bitcoin, expressing concerns about its use in money laundering, the lack of clarity around ownership, and its association with illicit activities like "sex trafficking" and "terrorism," according to CNBC.

This stance is consistent with Dimon’s previous public statements. At the World Economic Forum in Davos, Switzerland, in 2024, Dimon stated, "Bitcoin does nothing. I call it the pet rock," and expressed his opposition to it. In late 2023, he told lawmakers that he has "always been deeply opposed to crypto, Bitcoin, etc.," and that "The only true use case for it is criminals, drug traffickers… money laundering, tax avoidance," even suggesting the government "close it down."

While Dimon remains a vocal skeptic, he acknowledges the increasing demand for bitcoin and the need for JP Morgan to provide the service to its clients. He stated, "I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin."

The evolving regulatory landscape in the U.S. is also a factor. While banks face restrictions on direct involvement with crypto firms, recent actions, such as the repeal of an accounting rule called SAB 121, have provided some leeway for banks to engage with digital assets.