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Time Magazine
20-05-2025
- Business
- Time Magazine
The Significance of Jamie Dimon's Reluctant Bitcoin Surrender
JPMorgan Chase's CEO Jamie Dimon has long been one of Bitcoin's most vicious skeptics. In 2017, he said he would fire any employee who traded Bitcoin for being 'stupid,' and called it a 'fraud.' Last year, he called the cryptocurrency a 'pet rock.' But this week, Dimon announced that JPMorgan Chase would allow its clients to buy Bitcoin. He said it with a grimace on his face, speaking at JPMorgan Chase's investor day, and rattled off a list of criticisms shared by other Bitcoin cynics, including that the currency facilitated sex trafficking and terrorism. But he conceded that his clients could do what they wished with their money. 'I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go at it.' The decision marks a significant symbolic and practical victory for the Bitcoin community, which, despite its anti-establishment beginnings, has sought institutional acceptance. Dimon, a heavyweight of traditional finance, has consistently used his perch to discourage regular investors and other financial leaders from getting involved. But he has also often been called a pragmatist —and his shift on Bitcoin reflects a changed political climate and mounting client demand. Dimon's decision arises from a year of mounting competition and interest in Bitcoin from other large firms. The entwining of Bitcoin and traditional finance kicked off in January 2024, when the U.S. Securities and Exchange Commission reluctantly gave the green light for Bitcoin ETFs—investment vehicles which allow people to bet on Bitcoin's price without actually holding it—to enter the market. Billions of dollars immediately flowed into these ETFs, proving their value to major financial institutions like BlackRock. That summer, Morgan Stanley allowed its wealth advisors to sell Bitcoin ETFs to clients, and Goldman Sachs purchased $418 million worth of them. Then, Donald Trump won the presidency, sending crypto hype into overdrive. On the campaign trail, Trump won over many crypto fans for accusing Biden of choking off the industry. Trump then pledged to make the U.S. the 'Bitcoin capital of the world.' Since his election, Trump has thrown both his government influence and personal brand behind cryptocurrency efforts. And the banking sector has been significantly impacted. In his first week in office, Trump repealed SAB 121, a Biden-era accounting rule which discouraged banks from handling crypto assets. The Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency then rescinded their anti-crypto guidance, leaving much greater discretion to the banks on how to deal with digital assets. Many banks jumped in. Goldman Sachs amassed a stockpile of over $1 billion worth of Bitcoin ETFs. The CEOs of Bank of America and Morgan Stanley both expressed interest in offering crypto products. Dimon could have stuck to his guns and kept JPMorgan out of it. But the bank—which is the biggest in America, with over $3 trillion in assets worldwide— risked losing high-net-worth individuals and institutional clients seeking to diversify their portfolios at a moment of extreme financial volatility. So now, JPMorgan customers will be allowed to buy Bitcoin, he said on Monday. He added, however, that the bank would not custody Bitcoin, necessitating a trusted third party. Dimon's decision could bring about further change. His capitulation could serve as a powerful signal to other holdouts in traditional finance. And JPMorgan's massive customer base could bring in a new wave of Bitcoin investors. Crypto Twitter, unsurprisingly, gleefully celebrated his about-face. 'Jamie Dimon has bent the knee,' Cory Klippsten, the CEO of Swan, wrote on Twitter.
Time of India
20-05-2025
- Business
- Time of India
JPMorgan Chase to offer clients access to Bitcoin, despite CEO Dimon's continued criticism
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JPMorgan Chase is taking a significant step into the world of digital assets by allowing clients to buy Bitcoin—despite its CEO Jamie Dimon 's longstanding criticism of the cryptocurrency.'We are going to allow you to buy it,' Dimon said during JPMorgan's annual investor day on Monday. 'We're not going to custody it. We're going to put it in statements for clients.'This marks a notable shift for the largest U.S. bank and signals Bitcoin's growing acceptance in mainstream finance. The bank is expected to provide access to Bitcoin exchange-traded funds (ETFs), according to a source familiar with the plans. Previously, JPMorgan limited its crypto exposure mainly to futures-based however, reiterated his scepticism, linking Bitcoin to illicit activities such as money laundering, tax evasion, and terrorism. 'I don't think you should smoke, but I defend your right to smoke,' he said. 'I defend your right to buy Bitcoin.'The move follows similar steps by Morgan Stanley, which since August has allowed financial advisors to offer spot Bitcoin ETFs to qualifying clients. Morgan Stanley CEO Ted Pick recently said the bank is exploring further involvement in crypto markets, especially under what's seen as a more crypto-friendly regulatory environment under President Donald Trump took office in January, regulators have rolled back some restrictions. The FDIC and OCC have withdrawn previous anti-crypto guidance, and the Federal Reserve has partially eased its stance. Although banks can now custody digital assets following the repeal of accounting rule SAB 121, limitations remain on certain direct engagements with crypto opposition to Bitcoin has been well documented. In 2021, he called it 'worthless,' and in a Senate hearing last year, he said the primary use cases for crypto were 'criminals, drug traffickers … money laundering, tax avoidance.' At the 2024 World Economic Forum in Davos, he called Bitcoin 'the pet rock.'Despite Dimon's personal views, JPMorgan's latest move reflects growing demand from investors and the ongoing normalisation of crypto in traditional finance.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
NBC News
19-05-2025
- Business
- NBC News
JPMorgan CEO Jamie Dimon says the bank will let clients buy bitcoin
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic. 'We are going to allow you to buy it,' Dimon said at the bank's annual investor day on Monday. 'We're not going to custody it. We're going to put it in statements for clients.' The decision marks a notable step for the largest U.S. bank, particularly due to Dimon's history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin's entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients. Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with 'the sex trafficking, the terrorism.' 'I don't think you should smoke, but I defend your right to smoke,' Dimon said. 'I defend your right to buy bitcoin.' A JPMorgan spokesperson declined to elaborate on the bank's specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin. When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as 'worthless.' He told lawmakers during a Senate hearing in late 2023 that he's 'always been deeply opposed to crypto, bitcoin, etc.,' and that, 'The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.' He said at the hearing that, 'If I was the government, I'd close it down.' At the 2024 World Economic Forum in Davos, Dimon said, 'Bitcoin does nothing. I call it the pet rock.' He added that, 'This is the last time I'm talking about the with CNBC, so help me God.' Morgan Stanley CEO Ted Pick told CNBC at this year's event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump. Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.
Business Mayor
19-05-2025
- Business
- Business Mayor
JPMorgan CEO Jamie Dimon says the bank will let clients buy bitcoin
JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler | Afp | Getty Images JPMorgan Chase is finally allowing clients to buy bitcoin . But CEO Jamie Dimon is still a skeptic. 'We are going to allow you to buy it,' Dimon said at the bank's annual investor day on Monday. 'We're not going to custody it. We're going to put it in statements for clients.' The decision marks a notable step for the largest U.S. bank, particularly due to Dimon's history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin's entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients. Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with 'the sex trafficking, the terrorism.' 'I don't think you should smoke, but I defend your right to smoke,' Dimon said. 'I defend your right to buy bitcoin.' A JPMorgan spokesperson declined to elaborate on the bank's specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin. When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as 'worthless.' He told lawmakers during a Senate hearing in late 2023 that he's 'always been deeply opposed to crypto, bitcoin, etc.,' and that, 'The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.' He said at the hearing that, 'If I was the government, I'd close it down.' At the 2024 World Economic Forum in Davos, Dimon said, 'Bitcoin does nothing. I call it the pet rock.' He added that, 'This is the last time I'm talking about the with CNBC, so help me God.' Morgan Stanley CEO Ted Pick told CNBC at this year's event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump. Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve. WATCH: Dimon says his tenure is 'up to the board' READ SOURCE
CNBC
19-05-2025
- Business
- CNBC
JPMorgan CEO Jamie Dimon says the bank will let clients buy bitcoin
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic. "We are going to allow you to buy it," Dimon said at the bank's annual investor day on Monday. "We're not going to custody it. We're going to put it in statements for clients." The decision marks a notable step for the largest U.S. bank, particularly due to Dimon's history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin's entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients. Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with "the sex trafficking, the terrorism." "I don't think you should smoke, but I defend your right to smoke," Dimon said. "I defend your right to buy bitcoin." A JPMorgan spokesperson declined to elaborate on the bank's specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin. When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as "worthless." He told lawmakers during a Senate hearing in late 2023 that he's "always been deeply opposed to crypto, bitcoin, etc.," and that, "The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance." He said at the hearing that, "If I was the government, I'd close it down." At the 2024 World Economic Forum in Davos, Dimon said, "Bitcoin does nothing. I call it the pet rock." He added that, "This is the last time I'm talking about the with CNBC, so help me God." This self-driving car technology stock could pop by more than 400%, say three analysts Looking for alternatives to Nvidia? Futurum CEO names 3 he's bullish on for 2024 Bernstein tech analyst's best idea for 2024 is to short Tesla Morgan Stanley picks 'alpha' opportunities in China tech - giving one 52% upside Morgan Stanley CEO Ted Pick told CNBC at this year's event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump. Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.
