Updated 12 Oct, 2021

JPMorgan Clients Demand Access to Bitcoin Despite CEO’s Criticism

Stack of coins with Bitcoin hovering above - JPMorgan Clients Demand Access to Bitcoin Despite CEO’s Criticism


Key Takeaways:

  • JPMorgan clients have been consistent in their demand for access to Bitcoin
  • Jamie Dimon, however, is staying true to his dismissive stance on crypto

JPMorgan Clients Seek Increased Exposure to Bitcoin

Institutional and individual clients of investment bank JPMorgan have been increasingly demanding access to bitcoin. That became clear in a series of comments from the bank’s CEO on Monday.

Jamie Dimon, the chief executive of investment bank JPMorgan, has stayed true to his dismissive stance on Bitcoin. In an interview at the annual Institute of International Finance, Mr. Dimon shared fresh comments on crypto.

“I don’t want to be a spokesperson. It makes no difference to me,” Jamie Dimon said as he gave his remarks on the crypto space. He did however, addressed the rising demand for bitcoin among the bank’s clients. On that note, Mr. Dimon said the JPMorgan would make sure to allow access to crypto.

“Our clients are adults. They disagree. That’s what makes markets,” Mr. Dimon said. “So, if they want to have access to buy yourself bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.”

JPMorgan Already Offers Access to Crypto

The Wall Street giant, however, has already offered access to bitcoin through five cryptocurrency funds. Near the end of July, the bank allowed its wealth-management clients access to bitcoin products. Moreover, as recently as last week, JPMorgan analysts published a report which said institutional investors preferred bitcoin, instead of gold.

With that in mind, Jamie Dimon’s view on Bitcoin has not changed throughout the years. More recently, Mr. Dimon told news media Axios that bitcoin has “no intrinsic value.” He also presented a rather negative outlook in terms of introduction of new rules in the crypto space. “Regulators are going to regulate the hell out of it,” he said.

Crypto Circles React to Dimon’s Dismissive Stance

The crypto community, on the other hand, reacted on Twitter shortly after Mr. Dimon’s comments surfaced online. A number of crypto proponents showed bitcoin’s growth during the years. That said, they highlighted Jamie Dimon’s past comments, while comparing them to the rallying price of the orange coin.

Another user opined it wouldn’t be a true “Bitcoin bull market without Jamie Dimon saying it’s worthless.”

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