JPMorgan Chase, the largest bank in the United States by assets, will now allow its clients to buy Bitcoin, according to remarks made by its CEO.
The announcement was reportedly made during the firm’s annual investor day on May 19, where Jamie Dimon confirmed that the bank would permit clients to purchase Bitcoin, despite reiterating his long-standing personal skepticism toward the digital asset.
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon said, according to reports.
While the bank will facilitate Bitcoin purchases, it will not offer custody services for the cryptocurrency. Instead, Bitcoin holdings will appear on client statements, but JPMorgan will not store or manage the assets directly.
This structure allows the bank to meet growing client demand for digital asset exposure while avoiding some of the regulatory and technical complexities involved in holding cryptocurrencies.
The move aligns JPMorgan more closely with other Wall Street institutions that have begun integrating Bitcoin into their service offerings. Morgan Stanley began allowing its wealthier clients access to Bitcoin funds in 2021, and Goldman Sachs has launched a trading desk for crypto derivatives and is actively researching digital asset infrastructure.
A shift in tone from a historic skeptic
Dimon has repeatedly criticised Bitcoin in the past, calling it “worthless” and warning of its association with illicit finance.
However, JPMorgan has increasingly moved toward embracing blockchain and digital assets in a variety of forms. The bank was among the first to develop its own blockchain-based payment system, JPM Coin, and has explored use cases ranging from settlement infrastructure to tokenized assets.
JPMorgan’s announcement comes at a time when Bitcoin is trading at over $105,000 — a new all-time high — buoyed by institutional interest, limited supply, and continued macroeconomic uncertainty.
The announcement may contribute to further upward pressure on the asset, which has already gained over 300% in the past 18 months.
Market and regulatory context
The timing of JPMorgan’s move reflects broader shifts in both market dynamics and regulatory posture. Earlier this year, the US Securities and Exchange Commission (SEC) approved a series of spot Bitcoin exchange-traded funds (ETFs), which contributed to a wave of institutional inflows into the asset class. According to Bloomberg, over $10 billion was allocated to these ETFs within the first month of trading.
While the SEC has yet to offer a comprehensive regulatory framework for crypto assets, there is growing momentum in Washington toward more formal rules.
In Congress, bipartisan efforts are underway to classify digital assets and define the roles of agencies such as the SEC and the Commodity Futures Trading Commission (CFTC). The regulatory uncertainty has not deterred large institutions from proceeding, but it has contributed to cautious structuring — such as JPMorgan’s decision not to provide direct custody.
