JPMorgan will allow clients to buy bitcoin without providing custody

Jakarta, Pintu News – In a surprising statement delivered at JPMorgan’s Annual Investor Day on May 19, 2025, JPMorgan’s CEO, Jamie Dimon, announced that the bank will soon allow its clients to purchase Bitcoin (BTC). This statement comes from a figure previously known as one of the most vocal critics of cryptocurrencies.

Access Bitcoin Through ETFs, Not Direct Ownership

Dimon explained that JPMorgan will give clients access to buy Bitcoin, but will not provide custodial services or custody of the crypto. Instead, Bitcoin will be shown in clients’ account statements as a form of investment exposure, not as an asset held directly by the bank.

According to a report by CNBC, JPMorgan plans to offer access to Bitcoin exchange-traded funds (ETFs), following in the footsteps of some key competitors such as Morgan Stanley. Until now, JPMorgan has been more cautious in its exposure to cryptocurrencies, focusing on futures-based products, rather than direct crypto asset ownership.

Also Read: XRP Futures Launches on CME: A New Beginning for Crypto Investing!

Dimon’s Changing Attitude Toward Crypto

Despite granting access to Bitcoin, Dimon maintains his skeptical views. In a bold statement, he likened his position to the cigarette issue: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.” This statement reflects the bank’s pragmatic stance on meeting market demand, even if it goes against Dimon’s personal views.

Dimon has been known to be harsh on cryptocurrencies. He called Bitcoin a “scam” in 2018, and “worthless” during the crypto bull market of 2021. Even in a Senate Banking Committee hearing in 2023, he said Bitcoin was only used by “criminals, drug dealers, tax evaders, and money launderers.”

Surging Demand and Big Bank Competition

JPMorgan’s decision to open access to Bitcoin cannot be separated from the increasing adoption of spot Bitcoin ETFs in the United States since January 2024. These products have attracted nearly $42 billion in fund flows (1 USD = Rp16,418), signaling institutional investors’ growing acceptance of crypto.

The move is also a response to competition from other major banks. Morgan Stanley, for example, has already given their financial advisors official access to offer Bitcoin ETF products to clients. In a fiercely competitive landscape, JPMorgan does not seem to want to be left behind in the provision of digital asset-based financial products.

Implications for Banking and Crypto Investors

Dimon’s latest statement reflects an interesting dynamic in the relationship between the traditional banking sector and cryptocurrencies. Although bank executives still maintain a critical view of crypto, market realities and customer demands are driving a change in strategy. JPMorgan’s provision of access to Bitcoin shows how digital assets are increasingly being integrated into the mainstream financial ecosystem.

This move could potentially open the door wider for retail and institutional investors to explore investing in cryptocurrencies through a safer and more regulated route. Even without custodial services, the existence of ETF products monitored by large financial institutions such as JPMorgan can increase investor confidence in the stability of the crypto market.

Also Read: SEC and Crypto Regulation: Between Stability and Innovation

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. JPMorgan boss says bank users will soon be able to buy Bitcoin. Accessed May 21, 2025.
• Featured Image: Bitfinex Pulse