Clients of JPMorgan Chase (JPM) will soon have the option to buy bitcoin BTC, 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.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value The bitcoin…
Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…
Crypto markets saw a modest lift after the US Federal Reserve made another move on…
Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…
Chipmaker Broadcom's 10% slide weighs on the market as Chicago Fed's Goolsbee signals more cuts…
After nearly five years of dormancy, a cluster of Silk Road–linked wallets just moved 33.7 Bitcoin—roughly…