JPMorgan to Offer Bitcoin Buying Despite CEO's Skepticism

JPMorgan, one of the world's leading financial institutions, has announced its plans to support Bitcoin buying for its clients, despite the ongoing skepticism from its CEO, Jamie Dimon. This move marks a significant shift in the bank's stance towards the flagship cryptocurrency, which has historically been met with criticism from Dimon.

During JPMorgan’s Investor Day, Dimon reiterated his personal disapproval of Bitcoin, stating that he is “not a fan” of the digital asset. However, he acknowledged the growing demand from clients for access to Bitcoin and defended their right to invest in it. He said, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”

Dimon's criticism of cryptocurrency is consistent with his past remarks. In a January interview, he called Bitcoin “worthless” and tied it to criminal activity. He has also referred to Bitcoin as a “pet rock” and a “Ponzi Scheme” in previous statements. Despite his personal views, Dimon acknowledged the need to cater to client demand and the bank's plans to offer Bitcoin services.

JPMorgan has been actively building infrastructure around blockchain technology for institutional use. Earlier this month, Kinexys, a subsidiary of JPMorgan, completed a test transaction that bridged its private network to a public layer-1 blockchain. This transaction used tokenized short-term Treasury assets and real-time settlement protocols, with Chainlink and Ondo Finance participating in the pilot. Kinexys processes over $2 billion in transactions daily and plans to scale up dollar-euro settlements using JPM Coin, JPMorgan’s proprietary token.

In addition to supporting Bitcoin buying, JPMorgan has also increased its crypto exposure through exchange-traded funds (ETFs). The firm's 13F filing with the US Securities and Exchange Commission (SEC) for the first quarter of 2025 showed a dramatic increase in crypto-related holdings, from $1 million at the end of 2024 to $16.3 million as of March 31. The lender’s crypto exposure is primarily via Bitcoin and Ethereum-linked instruments, including shares of BlackRock’s iShares Bitcoin Trust (IBIT), Bitwise’s spot Bitcoin ETF (BITB), Grayscale’s Bitcoin Trust (GBTC), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and new allocations to Bitwise and Franklin Templeton Ethereum products.

JPMorgan's crypto-related holdings are just a tiny fraction of its $4.4 trillion in assets under management at the end of the first quarter. It’s unclear how much of the portfolio reflects proprietary positioning versus facilitation of client demand. The bank has previously clarified that holding some ETF allocations could be a part of its market-making services.

This move by JPMorgan to support Bitcoin buying, despite Dimon's ongoing skepticism, highlights the growing acceptance of cryptocurrencies in the traditional financial sector. As more institutions recognize the demand for digital assets, it is likely that we will see further integration of cryptocurrencies into mainstream financial services.