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August 31, 2025

JPMorgan Allows Bitcoin Buys Despite Dimon’s Doubts Victor | usagoldmines.com

This move marks a seismic shift for an institution led by CEO Jamie Dimon. He has been a vocal critic, once calling bitcoin “worthless” and likening it to a “pet rock.”

At the bank’s annual investor day on May 19, 2025, Dimon announced, “We are going to allow you to buy it.” However, he clarified that the bank won’t hold (or “custody”) the digital asset itself.
A Big Bank’s Cautious Step Forward
JPMorgan’s decision to let clients buy bitcoin through exchange-traded funds (ETFs) is a pragmatic nod to market demand. ETFs are investment vehicles that track bitcoin’s price, offering a regulated way to gain exposure without directly owning the cryptocurrency. Unlike direct ownership, where you manage a digital wallet, ETFs are held in traditional brokerage accounts, making them accessible for beginners.
This follows a trend among major banks: Morgan Stanley, for instance, began offering bitcoin ETFs to select clients in August 2024, catering to wealthy investors eager for crypto exposure. JPMorgan’s move reflects a broader shift—$1.7 billion in bitcoin ETF investments by the bank, as reported in a May 2025 SEC filing, shows institutional appetite is real.
Yet, Dimon’s stance remains unchanged. He’s long criticized bitcoin, citing risks like money laundering and illicit activities. “I don’t think you should smoke, but I defend your right to smoke,” he said, framing his approval as a reluctant concession to client freedom. This duality—embracing client demand while questioning Bitcoin’s value—highlights the tension between innovation and caution in traditional finance. This is what Dimon said in Davos this year:
Crypto’s Mainstream Momentum
The timing of JPMorgan’s pivot isn’t random. A pro-crypto regulatory shift under President Donald Trump’s administration, starting January 2025, has eased barriers for banks. The repeal of SAB 121, an accounting rule, now allows banks to custody crypto, though JPMorgan is steering clear for now. This aligns with a broader trend: posts on X show crypto enthusiasts celebrating. As Wall Street giants like JPMorgan and Morgan Stanley bend to bitcoin’s growing legitimacy.
With JPMorgan’s ETF offering, she can now dip her toes into bitcoin through her existing brokerage account, bypassing the need for a crypto exchange. This accessibility could draw more newcomers, fueling adoption.

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This articles is written by : Nermeen Nabil Khear Abdelmalak

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