- JPMorgan Chase joins Morgan Stanley and others in support for Bitcoin
- It will be shown in statements, but JPMorgan does not custody bitcoin
- CEO Jamie Dimon is still skeptical about cryptocurrency
JPMorgan Chase announced on the annual company’s investors day that the bank giant will now allow customers to buy Bitcoin, however, there is a trap.
The CEO Jamie Dimon is still personally skeptical about Bitcoin and cryptocurrencies despite the bank’s movement to support the currencies: “We are not going to guard it. We will put it in statements for customers,” he said.
The leader cited concerns about money laundering, the clarity of property and the use of Bitcoin in illegal activities such as sexual trafficking and terrorism, however, he pointed out that their personal views should not be brought on the path of what customers want.
JPMorgan Chase to support Bitcoin
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said, adding: “I defend your right to buy Bitcoin.”
In past statements, the leader even called Bitcoin “useless”, pointing out that he would close the cryptographic industry if he announced power.
The Revised FDIC guide updated in March 2024 now allows institutions to participate in cryptographic activities without prior approval, marking more freedom compared to previous orientation. JPMorgan Chase’s decision to support Bitcoin puts him to the rhythm of Morgan Stanley and others, but does not put Bitcoin in line with the conventional currency.
In more general terms, the institutional adoption of digital assets, which includes but also extending beyond cryptocurrencies, is considered inevitable, and to ignore the interests of customers could see that companies risk being left behind. However, risks related to unregulated industries remain an important concern.
According to the administration of President Donald Trump, US regulators have begun to facilitate cryptography restrictions. However, highly regulated industries have found difficult to act quickly with Crypto.
Currently, Bitcoin is worth more than $ 105,000, slightly below its historical maximum but considerably higher than its 2022 drop when it approached around $ 16,000.
