Jamie Dimon, chief executive officer of JPMorgan, has announced that the bank will soon allow its clients to buy Bitcoin, although it will not provide custody services for the cryptocurrency, as reported by CNBC on Monday.
Dimon stated at JPMorgan's annual investor day on May 19:
"We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients."
CNBC reported that Dimon expressed skepticism about cryptocurrencies, citing concerns about their use in activities such as money laundering, sex trafficking and terrorism.
He said:
"I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin."
According to sources familiar with the matter, JPMorgan plans to offer its clients access to Bitcoin ETFs.
So far, the bank's involvement with cryptocurrencies has been primarily through futures-based products rather than direct ownership of digital assets.