JPMorgan Opens Bitcoin Access—But Keeps Custody at Arm’s Length
Jamie Dimon permits Bitcoin purchases at JPMorgan, yet custody services remain off-limits, reflecting cautious institutional engagement.
In a notable shift, JPMorgan Chase CEO Jamie Dimon has announced that the bank will allow clients to purchase Bitcoin. However, JPMorgan will not provide custody services for the cryptocurrency, meaning clients must manage their Bitcoin storage independently.
This decision underscores a cautious approach by JPMorgan, balancing client demand for cryptocurrency exposure with the bank’s reservations about digital assets. Dimon has previously expressed skepticism about Bitcoin, labeling it a “fraud” and suggesting it should be banned.
By permitting Bitcoin purchases without offering custody services, JPMorgan acknowledges the growing interest in cryptocurrencies among its clientele while mitigating potential risks associated with holding digital assets. This move may signal a broader trend of traditional financial institutions cautiously integrating cryptocurrency services to meet evolving investor preferences.
