- JPMorgan has officially allowed its wealth clients access to Bitcoin exchange-traded funds
- The move marks a major shift from CEO Jamie Dimon’s previously hostile stance on crypto
- The bank has joined rivals like Goldman Sachs and Morgan Stanley in offering crypto exposure
JPMorgan Chase has opened the gates to Bitcoin, permitting its clients to invest in Bitcoin exchange-traded funds (ETFs) for the first time. This about-face from America’s largest bank signals a broader institutional acceptance of cryptocurrency and follows years of Bitcoin criticism from CEO Jamie Dimon. The decision places JPMorgan in line with other major financial institutions embracing the digital asset class, although the bank will not custody the asset.
JPMorgan’s Changing Tune
Dimon has been down on Bitcoin since 2017, calling it everything from a fraud to a “worthless”, and so a reversal of this magnitude will be sweet music for Bitcoin supporters. The bank has greenlit access to Bitcoin ETFs for its wealth management clients, including offerings from BlackRock, Fidelity, and Grayscale. Dimon confirmed to shareholders that the bank would let its ultra-wealthy customers buy Bitcoin, with a spokesman saying that the bank is “responding to client interest.”
These same clients had been requesting access to crypto-linked products for some time, the spokesperson added.
Competitive Pressures
The decision aligns JPMorgan with peers like Goldman Sachs and Morgan Stanley, both of which began offering crypto exposure in previous years. With trillions in client assets under management, JPMorgan’s endorsement—even a cautious one—lends further legitimacy to Bitcoin in traditional finance circles. The bank had already been experimenting with blockchain technology for internal settlements and tokenized assets, but direct crypto exposure remained off-limits until now.
While his bank may have capitulated, Jamie Dimon himself hasn’t changed his personal view on Bitcoin; as recently as January 2024, he told Congress, “Bitcoin itself has no value,” though he acknowledged the usefulness of blockchain technology. His continued criticism contrasts with the bank’s pragmatic pivot: give clients what they want, even if the boss isn’t sold.
