JPMorgan Chase embraces crypto despite CEO Dimon's skepticism on bitcoin's future

(TNND) — JPMorgan Chase, one of the world's largest banks, has announced it will allow its clients to buy cryptocurrency, marking a significant step for digital currency as it gains traction in mainstream banking.

However, the bank's Chief Executive Officer, Jamie Dimon, remains skeptical about the move.

"We are going to allow you to buy it, we're not going to custody it. We're going to put it in statements for clients," Dimon said during the bank's annual investors day conference.

This development follows a similar move by Morgan Stanley, which began allowing advisors to pitch certain bitcoin exchange-traded funds to select clients in August. Despite the shift, Dimon maintains his personal reservations about bitcoin, citing concerns over issues such as money laundering and unclear ownership.

"I don't think you should smoke, but I defend your right to smoke," Dimon said. "I defend your right to buy bitcoin."

While banks now have the ability to custody cryptocurrency, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.