JPMorgan boss says bank users can soon buy Bitcoin 🏦
Jamie Dimon, CEO of JPMorgan, revealed during the bank's annual investor day that clients will soon have the ability to purchase Bitcoin through the bank. However, JPMorgan will not be providing custody for the cryptocurrency.
This announcement marks a notable shift from Dimon's past critiques of Bitcoin, where he labeled it as a scam and claimed its primary use was for illicit activities. Despite this, JPMorgan plans to enable Bitcoin purchases and include such transactions in client statements.
The bank will offer access to Bitcoin exchange-traded funds (ETFs), expanding beyond its previous focus on futures-based crypto products. This move mirrors actions taken by JPMorgan's rival, Morgan Stanley, which also offers spot Bitcoin ETFs.
Dimon, known for his strong stance against Bitcoin, previously referred to the cryptocurrency as worthless and labeled it the 'pet rock' even as its value soared. His statement comes amidst growing adoption of Bitcoin ETFs in the US, with significant inflows observed since their launch.
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