Jamie Dimon announces that JP Morgan will allow the purchase of Bitcoin

• Bitcoin Jamie Dimon: JP Morgan bank releases purchase of BTC
• Bank will allow BTC without offering custody
• JP Morgan adapts to demand for cryptocurrencies

During the annual investor meeting, JP Morgan CEO Jamie Dimon announced that the bank will now allow its clients to buy Bitcoin. The decision represents a significant shift for the institution, especially given the executive’s history of criticizing BTC and the cryptocurrency market in general.

Despite the change, Dimon made it clear that the bank will not offer custody services for the assets. “We’re going to let you buy them,” he said. “We’re not going to hold them. We’re going to put them on statements for customers.” The transaction, he said, will be visible directly on customers’ bank statements, but without JP Morgan assuming responsibility for storing the digital asset.

Jamie Dimon has been one of the most vocal critics of Bitcoin in the banking industry. In previous statements, the executive has called BTC a “fraud” and even said he would “shut it down” if he had the power to do so. In 2023, he reiterated his position, saying: “I’ve always been against cryptocurrencies, Bitcoin, etc.”

Still, the decision reflects the increased institutional demand for exposure to Bitcoin, especially after the approval of BTC ETFs in the United States. Even though it remains away from more direct services, such as custody, JP Morgan joins other traditional institutions that have been offering alternatives for accessing the cryptocurrency market, pressured by investor appetite.

By allowing the purchase of BTC, even with limitations, the bank seeks to maintain its customer base in the face of the advance of cryptocurrencies in the financial sector. The measure also signals a possible gradual opening of large banks to the crypto ecosystem, driven more by demand than by an ideological shift.