JPMorgan Allows Bitcoin Purchases
JPMorgan's Bitcoin Shift: A U-Turn from Dimon
JPMorgan Chase, a prominent financial institution, will allow its clients to purchase Bitcoin, CEO Jamie Dimon announced on Monday during the company's investor day. This decision marks a significant change from Dimon's previous outspoken opposition to the cryptocurrency.
Key Takeaways:
- JPMorgan clients can now buy Bitcoin.
- The firm will not offer Bitcoin custody services.
- CEO Jamie Dimon's stance on Bitcoin has softened considerably.
Dimon's past comments have been highly critical of Bitcoin, labeling it a "fraud" and comparing it to the tulip mania. He famously threatened to fire any employees trading Bitcoin in 2017. This latest announcement represents a remarkable turnaround.
Despite his earlier pronouncements, and a 2024 CNBC interview where he declared he was done publicly discussing Bitcoin, the firm's action demonstrates a growing acceptance of the cryptocurrency within the traditional financial sector. Dimon continues to express concerns about Bitcoin's intrinsic value and its use in illicit activities.
This move comes after JPMorgan executed its first structured transaction on a public blockchain last week, highlighting the company's increasing involvement in blockchain technology.
Following Dimon's announcement, Bitcoin's price surged past $105,000, reclaiming the level and achieving its highest-ever weekly close, just under $106,500, marking six consecutive weeks of gains. This also set a new record for its daily close.
Nic Puckrin, co-founder and CEO of The Coin Bureau, noted Dimon's history as one of Bitcoin's most vocal critics, emphasizing that this change signifies Bitcoin's unstoppable adoption.
Wild! One of the biggest Bitcoin sceptics has been Jamie Dimon, the CEO of JP Morgan. For over 8 years he has been calling it every name in the book. Today his company will allow their clients to buy it. Bitcoin is truly an unstoppable force 🚀
— Nic (@nicrypto) May 19, 2025
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