Jamie Dimon, who previously expressed intentions to shut down the cryptocurrency sector, has announced that JPMorgan Chase will now enable its clients to purchase Bitcoin. Speaking at the bank’s annual investor day, Dimon stated, “We are going to allow you to buy it [Bitcoin],” and clarified, “We’re not going to custody it. We’re going to include it in statements for clients.”
Despite this new development, Dimon remains a critical voice against Bitcoin and cryptocurrency. Earlier this year, he addressed a Senate Banking Committee, asserting, “I’ve always been deeply opposed to crypto, Bitcoin, etc. The primary use for it is for illicit activities such as money laundering and tax evasion.”
During the recent investor day event, he reiterated his stance, saying, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
This policy shift at JPMorgan comes in response to the changing regulatory landscape in the United States. In March, the Federal Deposit Insurance Corporation (FDIC) announced that U.S. banks no longer require prior approval to engage in cryptocurrency-related activities.