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Jamie Dimon, CEO of JPMorgan Chase, announced that the bank will allow its clients to invest in bitcoin, while reaffirming his personal skepticism towards crypto. This paradoxical stance of the banking giant comes as several US states integrate bitcoin into their strategic reserves. How far will this institutional adoption go, which even the biggest detractors can no longer ignore?
In brief
- JPMorgan will allow its clients to buy bitcoin, but will not provide custody services.
- Jamie Dimon maintains his personal opposition, calling bitcoin an asset “with no intrinsic value.”
- Nevertheless, JPMorgan analysts expect bitcoin to outperform gold in the second half of 2025.
- Institutional adoption is accelerating, with several U.S. states adding bitcoin to their reserves.
Jamie Dimon allows Bitcoin at JPMorgan while remaining skeptical
On May 19, 2025, during JPMorgan Chase’s Annual Investor Day, Jamie Dimon made a major business decision while maintaining his personal reservations. The CEO officially announced that the bank will now allow its clients to buy bitcoin, specifying however that the institution will not directly custody it.
This decision is part of a strategy to adapt to client demands, despite the executive’s personal reservations.
“I’m not a fan of Bitcoin“, Dimon declared unambiguously during this presentation.
His skepticism is not new. In an interview with CBS News in January 2025, he was even more categorical:
Bitcoin itself has no intrinsic value. It is widely used by sex traffickers, money launderers, and ransomware actors.
This critical position does not prevent the CEO from recognizing his clients’ freedom of choice.
“I applaud your ability to want to buy or sell it. Just as I think you have the right to smoke, but I don’t think you should smoke.“, he added, with a provocative comparison that perfectly illustrates his ambivalent position.
JPMorgan analysts more optimistic amid growing institutional adoption
Contrary to Jamie Dimon’s reservations, JPMorgan analysts are optimistic about bitcoin’s future. Their recent studies predict that crypto will continue to outperform gold during the second half of 2025, driven by growing institutional demand.
“Between mid-February and mid-April, gold gained at bitcoin’s expense. The past three weeks, we are seeing the opposite phenomenon: bitcoin is gaining ground on gold“, the bank’s experts clearly explain.
Figures confirm this trend: since April 22, gold has lost nearly 8% of its value, while bitcoin has recorded an impressive 18% increase.
Adoption is also intensifying at the government level. New Hampshire has authorized allocating 5% of its reserves in bitcoin, while Arizona has created a dedicated reserve while committing to maintain its current tax policy.
In the private sector, companies like Strategy and Metaplanet are continuously increasing their bitcoin holdings.
JPMorgan analysts describe this multiplication of institutional adopters as a “sustainable positive catalyst” for bitcoin. They anticipate that the competition between gold and bitcoin will continue until the end of 2025, with a probable edge for crypto.
This evolution perfectly illustrates the dilemma of traditional finance: even the most reluctant institutions must now adapt to the growing interest in bitcoin, which is gradually establishing itself as a crucial asset in the global financial landscape.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
