Jamie Dimon, the CEO of JPMorgan, said his bank will soon allow its clients to buy Bitcoin, but it won’t custody the cryptocurrency.
“We are going to allow you to buy it,” Dimon said at JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”
Jamie Dimon has explicitly criticized bitcoin before and multiple times at that too. He has called bitcoin a scam and has linked bitcoin to crimes like money laundering, tax evasion, even drug trafficking. His "approval" of bitcoin etfs in the bank to me seems like because he knows the benefit of using bitcoin but just refuses to admit it. He is most likely not wanting to be left behind so he has no choice but to allow the bank to offer bitcoin so they do not lose clients. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said
This is most likely what will happen with other centralized banks. Forced to conform to the trend that is bitcoin to keep up with the times.
“We are going to allow you to buy it,” Dimon said at JPMorgan’s annual investor day on May 19. “We’re not going to custody it. We’re going to put it in statements for clients.”
Jamie Dimon has explicitly criticized bitcoin before and multiple times at that too. He has called bitcoin a scam and has linked bitcoin to crimes like money laundering, tax evasion, even drug trafficking. His "approval" of bitcoin etfs in the bank to me seems like because he knows the benefit of using bitcoin but just refuses to admit it. He is most likely not wanting to be left behind so he has no choice but to allow the bank to offer bitcoin so they do not lose clients. “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he said
This is most likely what will happen with other centralized banks. Forced to conform to the trend that is bitcoin to keep up with the times.
The real question is "Who would buy Bitcoin through JPMorgan?" Another good question would be "How much will it cost in terms of banking fees?" There are so many ways to buy Bitcoin, why would anyone choose to buy BTC via a big fiat bank? Maybe Dimon is talking about allowing fiat-to-BTC transactions, and not JPMorgan directly selling BTC to their customers. Comparing Bitcoin to smoking is silly. Using and HODLing BTC isn't bad for your health. It's actually good for your wealth. Maybe Dimon should've compared Bitcoin to gambling, even though BTC is the cryptocurrency with the highest level of trust.
