JPMorgan turns 180 degrees on Bitcoin; it will soon begin to sell BTC

Cryptocurrency is here to stay; it is a cliché and old adage crypto natives would repeat over and over, hoping it would one day come true. Jaimie dimon has made a complete U turn on Bitcoin.

Dimon, CEO of JPMorgan who has been a vocal opponent of cryptocurrency, more specifically bitcoin, for years, calling it a scam and saying that it is only used to launder money, traffic sexts, and commit terrorism. Now, Dimon announces that his bank will now allow clients to buy BTC.

“I’ve been a strong opponent of crypto, Bitcoin and other digital currencies,” he stated during a Senate Banking Committee Hearing in 2023. “The only real use cases for it are criminals, drug dealers, money launderers, and tax avoidance. “If I was the government, I would shut it down,” said he.

Bitcoin: Let’s not waste any more time on it

CNBC reported Dimon’s statement that he had stopped talking about Bitcoin on January 17, 2024. reported. 

Dimon said: “This will be the last time that I discuss this topic with CNBC. So help me God.” “Blockchain really exists. It is a technology. It’s a technology. It will move data and money. It’s efficient. “We’ve talked about it for 12 years and found that it is very small.”

Dimon, referring to blockchains with smart chains and enriched cryptocurrency, said that there was a cryptocurrency “that might actually do something”. “You can use it to buy and sell real estate and move data — tokenising things that you do something with.”

Dimon said about bitcoin: “And then, there’s another one that does nothing.” “I defend your right to do Bitcoin. I’m not going to tell you how to act. My personal advice is to not get involved. … But it’s a free country.”

Bitcoin: A 180 degree shift

Dimon told investors at JPMorgan’s annual Investor day, May 19, that “we will allow you to purchase it.” “We are not going to keep it.” We will put it into statements for our clients.”

CNBC reported Dimon’s comments on his long-held doubts about cryptocurrency.

“I’m not a smoker, but I support your right to do so.” “I defend your rights to buy Bitcoin,” said he said CNBC.

CNBC added, citing sources with knowledge of the situation, that JPMorgan is going to offer clients Bitcoin exchange-traded fund (ETF) access. 

Cointelegraph: Until recently, the firm’s crypto exposure was mainly limited to futures products and not direct ownership of digital asset. reported.

Morgan Stanley, a competitor of JPMorgan, has begun offering spot Bitcoin ETFs for clients who qualify. In the US, spot Bitcoin ETFs have been widely adopted. Since their launch in January 20,24, they have attracted almost $42 billion of aggregated inflows.