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JPMorgan Chase CEO Jamie Dimon said the bank will soon allow clients to buy Bitcoin (BTC), a striking shift for a bank whose chief once called the cryptocurrency ‘’worthless.’’
The decision comes despite Dimon’s repeated attacks on Bitcoin over the years, including calling it a “scam,” a “pet rock,” and something he’d “shut down” if he were the government.
Dimon maintained that crypto is used for illicit activities, including sex trafficking and money laundering, but indicated that the U-turn is more about giving clients what they want.
“We are going to allow you to buy it,” Dimon said, while speaking at an annual investor day on May 19. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
Dimon said the bank won’t custody Bitcoin but will include it on client statements.
Dimon’s Stance On Bitcoin Unchanged
JPMorgan Chase’s decision marks a landmark shift for the US banking titan. In 2018, Dimon labeled Bitcoin as a scam that he had no interest in buying. He also called BTC “worthless” during the height of the 2021 bull market.
The decision follows similar moves made by competitors including Morgan Stanley, which has given its financial advisors the greenlight to pitch some spot Bitcoin ETFs (exchange-traded funds) to qualifying clients.
“I defend your right to buy Bitcoin.” – Jamie Dimon, JPMorgan CEOhttps://t.co/zc8CjKdAb9
— Michael Saylor (@saylor) May 19, 2025
Blockchain Technology Overhyped, Dimon Says
In addition to doubling down on his Bitcoin skepticism, Dimon also argued that blockchain technology is being overhyped.
“We have been talking about blockchain for 12 to 15 years,” he said. “We spend too much on it. It doesn’t matter as much as you all think.”
That’s as JPMorgan Chase’s own blockchain platform, Kinexys, recently executed a test transaction on a public blockchain for the first time.
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