In a rather unexpected twist befitting a farcical novel, JPMorgan, the behemoth of American banking, has decided to grant its clients the dubious privilege of purchasing bitcoin. This audacious move hints at a grander scheme of institutional acceptance of the cryptocurrency, or perhaps just a ploy to keep up with the Joneses of Wall Street.
On a rather mundane Monday, during the bank’s annual investor day, CEO Jamie Dimon, the self-proclaimed guardian of financial propriety, announced that clients would soon be able to buy bitcoin. This, of course, came with a side of his characteristic skepticism. Dimon quipped:
We are going to allow you to buy it … We’re not going to custody it. We’re going to put it in statements for clients.
Ah, the irony! The largest U.S. bank, which previously tiptoed around the crypto world like a cat on a hot tin roof, is now opening the floodgates. Yet, Dimon was quick to clarify that this does not equate to endorsement: “I don’t think you should smoke, but I defend your right to smoke,” he emphasized, adding:
I defend your right to buy bitcoin.
This announcement follows a trend among other financial titans who have begun to allow their elite clientele access to spot bitcoin exchange-traded funds (ETFs). Despite this growing trend, Dimon remains steadfast in his belief that bitcoin and its ilk are as useful as a chocolate teapot. His skepticism, a constant companion, was on full display during a 2023 Senate hearing where he lamented:
“The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He further mused, “If I was the government, I’d close it down.” One can only imagine the delightful dinner conversations he must have!
At the 2024 World Economic Forum in Davos, Dimon doubled down on his BTC stance, dismissing bitcoin as a mere pet rock. Meanwhile, other banking executives, perhaps with a touch more adventurous spirit, are exploring the crypto waters. Morgan Stanley CEO Ted Pick, in a moment of uncharacteristic enthusiasm, told CNBC that the firm is considering further involvement in the crypto market, buoyed by recent regulatory shifts under President Trump’s administration.
Regulatory attitudes are indeed shifting, with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) easing their previous anti-crypto stances. Moreover, the U.S. Securities and Exchange Commission (SEC) has recently repealed Staff Accounting Bulletin No. 121 (SAB 121), a guideline that had mandated banks to treat crypto assets held for customers as liabilities. How delightfully convoluted!
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2025-05-20 03:32