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JPMorgan to Enable BTC Purchases for Clients

JPMorgan to Enable BTC Purchases for Clients

JPMorgan Chase has announced it will allow clients to purchase Bitcoin, although CEO Jamie Dimon remains a Bitcoin skeptic.

At the bank’s annual investor day, Dimon clarified:

“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.”

This decision is significant for the US’s largest bank, especially given Dimon’s history of criticism towards cryptocurrency. It underscores Bitcoin’s growing role in mainstream investment, following suit with Morgan Stanley’s move to provide select clients with Bitcoin ETF options.

Despite this, Dimon stands by his concerns regarding money laundering and lack of ownership transparency, mentioning illicit associations like trafficking and terrorism.

He likened his stance to personal freedoms, saying, “I don’t think you should smoke, but I defend your right to smoke,” referring to Bitcoin purchases.

The bank may offer bitcoin ETFs in the future and has so far concentrated on futures-based crypto products.

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