JPMorgan's boss claims that bank users will soon be able to purchase Bitcoin (BTC)

Source: Cointelegraph Original: "JPMorgan CEO says bank customers will soon be able to purchase Bitcoin (BTC)"

JPMorgan CEO Jamie Dimon announced that the bank will soon allow customers to purchase Bitcoin, but will not provide custody services.

"We will allow customers to buy Bitcoin," Dimon said at the JPMorgan annual investor conference on May 19. "We won’t custody it, but we will show it on customer statements."

According to CNBC, Dimon reiterated his long-standing skepticism about crypto assets, specifically pointing out their use in money laundering, illegal human trafficking, and terrorist activities.

"Although I don't think you should smoke, I respect your right to do so. Similarly, I respect your right to buy Bitcoin," he said.

CNBC reports, citing informed sources, that JPMorgan will provide its clients with access to Bitcoin exchange-traded funds (ETFs). So far, the financial institution has primarily limited its cryptocurrency business to futures-based products rather than directly holding digital assets.

Morgan Stanley, a competitor of JPMorgan Chase, has also begun offering spot Bitcoin ETF services to eligible clients. Since its launch in January 2024, the U.S. spot Bitcoin ETF has attracted nearly $42 billion in total inflows, demonstrating strong market acceptance.

Dimon has always held a critical attitude towards Bitcoin, calling it a scam in 2018 and clearly expressing no interest in purchasing it, while during the cryptocurrency bull market in 2021, he referred to it as "worthless."

"I have always been deeply opposed to cryptocurrency, Bitcoin, and other products," he stated at the 2023 Senate Banking Committee hearing. "Its only real purpose is to facilitate criminals, drug dealers, money laundering, and tax evasion activities."

"If I were the government, I would shut it down," he said at the time.

At the 2024 World Economic Forum held in Davos, Switzerland, just after Bitcoin first broke $100,000, Dimon commented: "Bitcoin can't do anything. I call it a 'pet rock'."

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