JPMorgan to allow clients to buy Bitcoin

JPMorgan CEO Jamie Dimon announced plans to let the bank’s customers buy Bitcoin, though the firm will not hold the cryptocurrency on their behalf. Instead, Bitcoin purchases will be reflected in client statements, without JPMorgan providing custody services.

Dimon has long expressed scepticism about Bitcoin. He defended clients’ right to buy the asset despite concerns over its use in illegal activities like money laundering and trafficking.

Until now, JPMorgan’s crypto exposure was limited to futures products rather than direct digital asset ownership.

The move follows similar steps by Morgan Stanley, which recently offered spot Bitcoin ETFs to select clients. Spot Bitcoin ETFs have gained traction in the US, attracting nearly $42 billion in inflows since their January 2024 debut.

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