Big Bank, Bigger U-Turn
JPMorgan Chase, the biggest bank in the United States, has taken a surprising step by offering its customers the ability to invest in Bitcoin. The move comes in spite of the long-standing opposition to cryptocurrency from the bank’s chief executive, Jamie Dimon.
Speaking at the bank’s annual investor event, Dimon confirmed that the institution would allow its clients to buy into the popular digital currency. However, he was quick to stress that the bank wouldn’t be taking full responsibility for handling or storing the Bitcoin itself. He 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.”
Image 1: JPMorgan (Source: Crypto News Australia)
In practical terms, that means JPMorgan isn’t offering crypto custody services — in other words, they won’t hold the coins on customers’ behalf. They’ll simply record clients’ Bitcoin exposure alongside their other financial assets.
The decision marks a turning point for the banking giant, which has until now kept its distance from digital currencies. Dimon’s personal disapproval of Bitcoin remains unchanged, though, and he didn’t hold back when airing his views.
Dimon Doubles Down on Criticism
Even while approving client access to Bitcoin, Dimon continues to regard the cryptocurrency space with suspicion. He highlighted serious concerns such as its use in illegal activity, including laundering illicit funds, human trafficking, and terrorism.
Dimon explained that although he doesn’t personally support the idea of investing in Bitcoin, he respects the fact that others may choose to do so. His position is essentially that people have the freedom to make their own financial choices — even if he disagrees with them.
His comments echo a long history of resistance to the technology. Back in 2021, as the crypto boom captured global attention, Dimon dismissed Bitcoin as “worthless.” By late 2023, speaking to U.S. politicians, he had escalated his warnings, labelling it a tool for criminals and suggesting governments should shut it down entirely.
At the 2024 World Economic Forum in Davos, he again ridiculed Bitcoin, calling it “the pet rock” and vowing it would be the last time he discussed it on air.
Despite his strong words, JPMorgan is moving with the times. With increasing interest from clients and changes in regulation, the bank is now exploring broader crypto offerings — including potential access to Bitcoin exchange-traded funds (ETFs).
Until recently, JPMorgan had only dabbled in crypto through futures-based products, which don’t involve holding actual coins. But now, the tide is shifting.
Policy Shifts Open the Door
Since President Donald Trump returned to office earlier this year, watchdogs like the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have rolled back earlier restrictions on digital assets.
Although the Federal Reserve remains cautious, it has eased up slightly, allowing financial institutions more flexibility than before.
A key change was the repeal of an accounting guideline known as SAB 121, which had previously made it difficult for banks to offer crypto custody services. With that rule scrapped, firms like JPMorgan now have more leeway — though not full freedom — to handle crypto-related activities.
Image 2: JPMorgan and Bitcoin logo (Source: Crypto Economy)
This regulatory shift has encouraged more traditional institutions to wade into the space. Morgan Stanley, another heavyweight on Wall Street, has already been offering select clients access to Bitcoin ETFs since mid-2023.
JPMorgan now seems to be following suit, albeit with its own layers of caution and conditions.
Bitcoin on the Rise Again
While banks continue to adjust their approach, the cryptocurrency market itself is gaining fresh momentum. Willy Woo, a top crypto commentator on X, posted that Bitcoin could surpass $1 trillion in total market value before the end of the year.
He noted that the growth so far has been steady, without the dramatic surge driven by fear of missing out — commonly known as ”“FOMO”—that marked previous bull runs.
As of now, Bitcoin’s value has climbed more than 3% over the past 24 hours and is trading at roughly $106,000. With strong investor interest and favourable conditions, many believe it won’t be long before it smashes through its previous record high of $110,000.
The cryptocurrency has remained surprisingly resilient despite past criticism, regulatory crackdowns, and global financial uncertainty. And now, even the world’s most traditional financial players are finding ways to adapt.
