- CROX ROAD
- Posts
- Jamie Dimon’s U-Turn: JPMorgan to Let Clients Buy Bitcoin
Jamie Dimon’s U-Turn: JPMorgan to Let Clients Buy Bitcoin
JPMorgan CEO Jamie Dimon reverses course by allowing clients to buy bitcoin, signaling a major shift in Wall Street’s stance on crypto. Discover what this means for the industry, regulation, and the future of digital assets.
The ₿itcoin⚡️ Libertarian 🇦🇷🇸🇻
May 24, 2025
In a move that marks a historic shift for Wall Street and a personal about-face for one of its most vocal crypto critics, JPMorgan Chase—America’s largest bank—is officially allowing its clients to purchase bitcoin. The announcement, made by CEO Jamie Dimon at the bank’s annual investor day on May 19, 2025, comes as a surprise given Dimon’s years of outspoken skepticism toward the cryptocurrency space.
This development not only signifies a major institutional shift but also reflects the broader mainstreaming of digital assets within traditional finance.
Table of Contents
Dimon’s Long-Standing Criticism of Bitcoin
Jamie Dimon has, for years, positioned himself as one of the staunchest critics of bitcoin and cryptocurrencies in general. From calling bitcoin “worthless” in 2021 to labeling it “the pet rock” at the 2024 World Economic Forum in Davos, Dimon has associated the digital asset with criminal activity, tax evasion, and systemic risk.
His testimony to lawmakers in 2023 was particularly pointed:
“The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance. If I was the government, I’d close it down.”
Despite such harsh rhetoric, Dimon now finds himself at the helm of a bank that is moving into the bitcoin market, albeit cautiously.
At the investor day, Dimon announced:
“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.”
This means that while JPMorgan clients will be able to buy bitcoin, the bank will not offer custody services—that is, it won’t directly store the digital assets on clients’ behalf. Instead, it will allow exposure through mechanisms such as bitcoin exchange-traded funds (ETFs), likely from external providers.
Until now, JPMorgan had limited its crypto involvement to futures-based products. The new approach represents a more direct, client-facing integration of bitcoin into its offerings.
The Regulatory Backdrop: A New Era Under President Trump
One of the most pivotal enablers of JPMorgan’s policy shift is the changing U.S. regulatory environment under President Donald Trump’s second administration. Since Trump took office in January 2025, financial regulators including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have rescinded previous anti-crypto guidance.
Furthermore, the repeal of SEC Staff Accounting Bulletin No. 121 (SAB 121), which had imposed accounting limitations on banks holding digital assets, has opened the door for more crypto engagement by traditional financial institutions.
While the Federal Reserve remains cautious, its January 2023 notice still restricts some direct crypto-related activities. Nonetheless, the overall regulatory climate is now more favorable than at any point in recent years.
Industry Context: Following the Lead of Morgan Stanley
JPMorgan’s move mirrors similar steps taken by Morgan Stanley, whose CEO Ted Pick recently stated that the bank is expanding its crypto involvement. Since mid-2024, Morgan Stanley has allowed financial advisors to offer select spot bitcoin ETFs to qualifying clients, providing a model for regulated crypto access within wealth management services.
This signals a growing acceptance of digital assets among elite investment firms—an environment in which JPMorgan can no longer afford to sit on the sidelines.
Dimon’s Realignment: Philosophy vs. Market Forces
Despite the shift in JPMorgan’s strategy, Dimon remains personally opposed to bitcoin. He compared his decision to someone defending the right to smoke, even if they believe it’s harmful:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
This framing suggests a pragmatic pivot. While Dimon may disagree with bitcoin ideologically, he recognizes that the market demand and regulatory openness make it impractical for JPMorgan to ignore the space any longer.
What This Means for Bitcoin and Institutional Finance
JPMorgan’s decision is emblematic of bitcoin’s evolution from a fringe asset to a feature of mainstream finance. With the world’s largest bank enabling access—even if begrudgingly—the move lends a new level of legitimacy to crypto investing.
It also signals that the path toward wider institutional adoption of digital assets is accelerating, driven by changing consumer preferences, global policy shifts, and competitive dynamics within the financial sector.
Conclusion
Jamie Dimon’s reversal underscores a broader truth: Bitcoin and crypto are no longer ignorable. As regulators soften and clients push for access, even the staunchest critics are re-evaluating their positions.
While Dimon may still call bitcoin a “pet rock,” JPMorgan’s new policy ensures that clients who want to hold it can—and that alone is a seismic shift for Wall Street.
FAQs
Why is JPMorgan now allowing clients to buy bitcoin?
JPMorgan is responding to increased client demand and a more favorable U.S. regulatory environment. Although CEO Jamie Dimon remains skeptical of bitcoin, the bank is adapting its services to meet investor interest.
Will JPMorgan custody the bitcoin for its clients?
No. JPMorgan will not offer custody services for bitcoin. Clients can purchase bitcoin, and it will be reflected on their statements, but the actual storage of the asset will be handled externally, likely through ETFs.
What changed Jamie Dimon’s stance on bitcoin?
Dimon's personal views have not changed—he continues to criticize bitcoin. However, he acknowledged that while he may not support it personally, he respects clients' right to invest in it, likening it to defending the right to smoke despite disapproving of smoking.
How does this move align with U.S. regulation?
Under the pro-crypto administration of President Trump, several restrictive rules on banks dealing with crypto have been repealed, including SAB 121. This policy shift has made it easier for banks like JPMorgan to offer crypto-related products.
Is JPMorgan the first major bank to do this?
No. Morgan Stanley has already begun offering spot bitcoin ETFs to qualifying clients. JPMorgan's decision follows a broader trend of Wall Street institutions integrating crypto into their investment platforms.
That's all for today, see ya tomorrow! If you want more, be sure to follow our X (@croxroadnewsco), Instagram (@croxroadnews.co), Youtube (@thebitcoinlibertarian), Tiktok (@croxroadnews) and nostr - [email protected]
VISIT OUR STORE
The Best Merch For Bitcoin Maxis
Visit Crox Road Store 👉🏻 https://croxroad.store/
FOLLOW US ON NOSTR
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
You May Also Like
External Links
Links From Our Sponsors
If You Like Our Content And Want To Help Us To Make It Better, You Can Buy Us One (Or More!) Coffee CLICKING HERE
Reply