“I defend your right to buy bitcoin, go at it”: major change at leading bank sees crypto accepted

JPMorgan Chase, an enormous bank, might throw you off if you consider this: it stands with the whole gamut of bitcoin. You heard it. While his contempt for cryptocurrency continues unabated, the CEO of JPMorgan Chase, Mr. Jamie Dimon, makes it clear to all: your right to purchase bitcoin shall be respected.

Dimon: Still not a fan — But not stopping you

Jamie Dimon, the contrarian CEO of JPMorgan, made media news again this week at the annual Investor Day ceremony in New York. While speaking to the attendees, Dimon reiterated his dislike of bitcoin. 

“When I look at the bitcoin universe, the leverage in the system, the misuse,” he cited instances of sex trafficking and terrorism, “I am not a fan of it.”

“There is a little bit of a twist here,” he said. “We are going to allow you to buy it. They’re not going to custody it. We’ll just put it on statements for clients.” The analogy was interesting: “I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy bitcoin. Go at it.”

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What’s actually changing at JPMorgan?

It’s not that JPMorgan is diving headfirst into crypto. They won’t be holding your bitcoin. They will, however, allow you to buy it through third-party platforms and show the holdings on your JPMorgan account statements. This is a big policy change. Whereas previously JPMorgan may have served a few crypto firms and funds, now it is, for the first time, explicitly supporting retail clients who want bitcoin exposure—even if begrudgingly.

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A long history of skepticism

If you’ve been following Dimon, you understand he hasn’t been afraid to speak his mind. In 2021, he asserted, “I think that bitcoin is worthless,” and compared it to “fool’s gold.” He’s been decrying fraud, volatility, and crime perpetrated by crypto for years.

But here’s the kicker: he’s putting personal beliefs aside in the interests of consumer choice.

Bitcoin’s Boom and new accessibility

So why the change? One of the big reasons could be bitcoin’s growing legitimacy in the eyes of regulators and investors.

In January 2024, the U.S. Securities and Exchange Commission approved the first bitcoin exchange-traded fund (ETF). Top asset managers like BlackRock and Fidelity have since jumped in, offering ETFs that make it easier than ever to invest in bitcoin, even through conventional brokerages.

Some of the most popular bitcoin ETFs now include:

• iShares Bitcoin Trust (IBIT)
  
• Fidelity Wise Origin Bitcoin Fund (FBTC)
  
• Grayscale Bitcoin Trust ETF (GBTC)
  

These funds are up more than 2% recently, reflecting continued investor interest as bitcoin trades just below its all-time high of $106,734.51.

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Bottom Line: You have the green light

Whether you’re a bitcoin enthusiast or just crypto-curious, the message from JPMorgan is clear: you can invest — even if the CEO doesn’t personally approve. Dimon may still refer to bitcoin as “worthless,” but he’s content to let you decide for yourself.

So, if you’ve been waiting for traditional finance to catch up with the crypto world, this is a major signal. Bitcoin isn’t just for tech bros anymore — it’s on your bank statement.

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