Financial Insights That Matter
Clients of JPMorgan Chase (JPM) will soon have the option to buy bitcoin
according to CEO Jamie Dimon, who spoke at the bank’s annual Investor Day on Monday, signaling a shift in how the firm approaches the asset.
“We are going to allow you to buy it,” Dimon told shareholders, though he added the bank has no plans to hold the asset in custody.
Dimon, long known for his skepticism of cryptocurrency, doubled down in his closing remarks, saying he’s still “not a fan” of bitcoin, mainly because of its use for illegal activities, including sex trafficking and money laundering
He also pushed back on the industry’s hype around blockchain technology, arguing it’s less important than it’s made out to be — even as JPMorgan continues building in the space.
“We have been talking about blockchain for 12 to 15 years,” he said. “We spend too much on it. It doesn’t matter as much as you all think.”
The bank’s own blockchain platform, Kinexys, recently ran a test transaction on a public blockchain for the first time, settling tokenized U.S. Treasuries on Ondo Chain’s testnet.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.