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- JPMorgan Chase joins Morgan Stanley and others in supporting Bitcoin
- It will be displayed on statements, but JPMorgan will not be the guardian
- CEO Jamie Dimon is still skeptical about cryptocurrency
JPMorgan Chase announced on the company’s annual Investor Day that the bank giant will now enable customers to buy Bitcoin, but there is a catch.
CEO Jamie Dimon will personally remain skeptical about Bitcoin and Cryptocurrencies despite the bank’s step to support the currency: “We are not going to keep it custody. We are going to put it in statements for customers,” he said.
The leader mentioned concern about money laundering, the property of ownership and the use of Bitcoin in illegal activities such as sex trade and terrorism, but he noted that his personal views should not stand in the way of what customers want.
JPMorgan Chase to support Bitcoin
“I don’t think you should smoke, but I defend your right to smoke,” Dimon noted and added: “I defend your right to buy Bitcoin.”
In earlier statements, the leader even called Bitcoin ‘worthless’, and noted that he would close the crypto industry if he offered power.
Revised FDIC guidelines updated in March 2024 now enables institutions to carry out crypto activities without prior approval, which marks more freedom compared to previous guidance. The decision of JPMorgan Chase to support Bitcoin brings it to pace with Morgan Stanley and others, but it does not bring Bitcoin to conventional currency.
More generally, the institutional acceptance of digital assets, including but also further than cryptocurrencies, is considered inevitable, and to ignore the interests of customers, companies can lag the risk lagging behind. However, risks with regard to non -regulated industries remain a great concern.
Under President Donald Trump, his American supervisors started relieving limitations on Crypto. However, very regulated industries have found it challenging to quickly board Crypto.
Bitcoin is currently worth more than $ 105,000, just below the all-time high but considerably higher than the 2022 dip when it approached around $ 16,000.
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