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JPMorgan To Allow Clients To Buy Bitcoin, Says Jamie Dimon
A longtime vocal critic of bitcoin, Dimon said the bank he runs will now let clients to buy the crypto.
What to know:
- JPMorgan Chase will soon let clients buy bitcoin, though the bank won’t custody the asset, CEO Jamie Dimon said.
- Dimon reiterated his skepticism toward crypto, calling himself “not a fan” of bitcoin due to its use in illicit activity.
- Despite downplaying blockchain’s importance, JPMorgan's Kinexys platform recently tested tokenized U.S. Treasury settlement on a public blockchain.
Clients of JPMorgan Chase (JPM) will soon have the option to buy bitcoin
, according to CEO Jamie Dimon, who spoke at the bank's annual Investor Day on Monday, signaling a shift in how the firm approaches the asset.STORY CONTINUES BELOW
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“We are going to allow you to buy it,” Dimon told shareholders, though he added the bank has no plans to hold the asset in custody.
Dimon, long known for his skepticism of cryptocurrency, doubled down in his closing remarks, saying he’s still “not a fan” of bitcoin, mainly because of its use for illegal activities, including sex trafficking and money laundering
He also pushed back on the industry's hype around blockchain technology, arguing it's less important than it's made out to be — even as JPMorgan continues building in the space.
“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."
The bank’s own blockchain platform, Kinexys, recently ran a test transaction on a public blockchain for the first time, settling tokenized U.S. Treasuries on Ondo Chain’s testnet.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
