JPMorgan CEO Says Clients Can Now Buy Bitcoin, but Remains Skeptical

By Marco Piccolo

JPMorgan Chase, the largest bank in the United States, is now allowing its clients to buy Bitcoin, a significant shift that comes despite CEO Jamie Dimon’s longstanding criticism of the cryptocurrency market. 

Dimon reaffirms anti-crypto stance while greenlighting client access

Speaking at the bank’s annual Investor Day, Dimon stated:

“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 move underscores the growing mainstream adoption of Bitcoin, particularly among institutional clients, even as skepticism among traditional banking leaders lingers. JPMorgan’s entry into the Bitcoin investment space follows a trend set by firms like Morgan Stanley, which began allowing financial advisors to offer spot Bitcoin ETFs to qualified clients last year.

Despite the bank’s evolving crypto strategy, Dimon remains firmly critical of digital currencies. He reiterated his personal opposition, citing concerns over Bitcoin’s alleged use in criminal activities such as money laundering, sex trafficking, and terrorism. “I don’t think you should smoke, but I defend your right to smoke,” Dimon remarked. “I defend your right to buy bitcoin.”

Dimon also criticized the industry’s broader emphasis on blockchain, dismissing it as overhyped:

“We have been talking about blockchain for 12 to 15 years. We spend too much on it. It doesn’t matter as much as you all think.”

Nonetheless, JPMorgan continues to experiment with blockchain applications, including a recent test transaction of tokenized U.S. Treasuries on a public blockchain via its Kinexys platform.

JPMorgan analysts predict Bitcoin will outshine gold in late 2025

In contrast to Dimon’s skepticism, JPMorgan’s research team projects a bullish outlook for Bitcoin. A recent report led by managing director Nikolaos Panigirtzoglou forecasts that Bitcoin is set to outperform gold in the second half of 2025.

The analysts noted a shift in market sentiment away from gold toward Bitcoin, describing it as a “zero-sum game” where gains in one often mirror losses in the other. “Between mid-February and mid-April gold was rising at the expense of bitcoin, while over the past three weeks we have been observing the opposite,” the report stated.

Several crypto-specific catalysts are expected to favor Bitcoin, including increased corporate treasury allocations and positive regulatory momentum. For instance, companies like Strategy are already pursuing significant Bitcoin investments, with plans to raise $84 billion by 2027 and over 30% of that target already secured.

Additionally, institutional interest in crypto derivatives is rising, supported by a string of recent acquisitions that signal the sector’s maturation. Coinbase’s acquisition of Deribit, Kraken’s purchase of NinjaTrader, and Gemini’s new European derivatives license all reflect growing infrastructure and regulatory clarity. JPMorgan analysts believe these developments could encourage broader institutional participation under more familiar compliance regimes.

“The crypto derivatives universe is maturing and by coming under US or EU regulations it could induce confidence and greater participation by traditional institutional investors.”

CoinCodex predicts $180K Bitcoin high for 2025

According to CoinCodex’s algorithm-based Bitcoin price prediction, BTC is expected to hit $180,000 at its highest point in 2025. This peak is anticipated to occur by the end of August, after which a pullback could see the price drop to around $140,000 in the following months.

Source:: JPMorgan CEO Says Clients Can Now Buy Bitcoin, but Remains Skeptical