JPMorgan Chase CEO Jamie Dimon announced at the bank's annual investor day on May 19 that clients will soon be allowed to purchase Bitcoin through the institution. While the bank will not provide custody services for the cryptocurrency, it will include Bitcoin holdings in client statements. This move marks a significant shift for JPMorgan, aligning it with competitors like Morgan Stanley, which began offering Bitcoin-related services in 2024.

Despite this policy change, Dimon reiterated his personal skepticism toward Bitcoin, citing concerns over its use in illicit activities such as money laundering and terrorism financing. He likened the situation to his stance on smoking: "I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin."

The decision to allow Bitcoin purchases comes amid a growing demand from clients seeking exposure to digital assets. By facilitating these transactions, JPMorgan aims to meet client interests while maintaining a cautious approach to cryptocurrency services. The bank's move reflects the broader trend of traditional financial institutions integrating digital assets into their offerings, responding to the evolving financial landscape.

At the time of the announcement, Bitcoin was trading above $105,000, highlighting the cryptocurrency's significant market presence.