JPMorgan to Offer Bitcoin Buying for Clients
JPMorgan, a major banking institution, is set to allow its clients to purchase Bitcoin. CEO Jamie Dimon announced this at the bank’s annual investor day. However,the bank won’t hold the cryptocurrency itself. Instead, it will appear on clients’ statements.
JPMorgan to Allow Clients to Buy bitcoin
JPMorgan, a leading banking giant, will soon let its clients buy Bitcoin. CEO Jamie Dimon made this announcement during the bank’s annual investor day. However, the bank won’t hold the cryptocurrency. It will only appear on clients’ statements.
This move is a significant shift for the largest U.S. bank. Rival Morgan Stanley already offers access to spot Bitcoin ETFs for eligible clients. JPMorgan is expected to follow suit, offering access to Bitcoin ETFs. Until now, the bank’s crypto exposure was limited to futures-based products.
Dimon clarified that his personal stance on Bitcoin hasn’t changed. He still associates it with criminal activities like money laundering and terrorism. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said.
Dimon’s skepticism towards Bitcoin dates back years. In 2021,he called it “worthless” and linked it to criminals.In 2018, he labeled it a scam. Despite his criticism, JPMorgan has become more involved in the decentralized space. The bank is an authorized participant in BlackRock’s iShares Bitcoin Trust and praises blockchain technology.
