In a statement during Investor Day, JPMorgan’s CEO explained that Bitcoin services will be provided to its customers in the near future. Even though he is not a fan of cryptocurrency, Dimon said clients will still want access to it. The bank will not be offering custody services.
How Dimon Regularly Attacks Bank Regulators
Dimon still continues to express doubt about the new products. Smoking is not something I support for you, but I will always defend your right to do it. He said he supports your decision to use Bitcoin. He is still following the same opinion as in the past, once referring to Bitcoin as useless, a toy rock and a scam. Earlier, he recommended that the crypto industry be closed down.
Blockchain Developments
Despite what Dimon said, JPMorgan has been constructing blockchain networks and services. Recently, the bank’s Kinexys system tested transactions moving across private networks and connected to public blockchains. It processes $2 billion in transactions daily and aims to use JPM Coin to settle dollars into euros.
Cryptocurrency Adoption Is Increasing
JPMorgan mentioned in their recent filing that their share of crypto is on the rise due to ETFs. The bank’s holdings of cryptocurrency reached $16.3 million by March 31, 2025, compared to only $1 million at the end of 2024. Shares are owned in BlackRock’s IBIT, Bitwise’s BITB, Grayscale’s funds, Fidelity’s FBTC and Ethereum products.
Client-Driven Decision
While the $34 billion managed by the bank’s digital assets unit is a small part of JPMorgan’s assets, its crypto holdings and plans to offer Bitcoin are a key change for Wall Street. This situation proves that clients are making cryptocurrencies attractive to large institutions, despite the bank’s leaders being personally reserved.
