JPMorgan CEO Jamie Dimon announced that the bank will soon allow clients to buy Bitcoin, but clarified that JPMorgan will not provide custody services for the cryptocurrency. Instead, Bitcoin purchases will be reflected in client statements. This announcement occurred during JPMorgan’s annual investor day on May 19. Despite the move towards facilitating Bitcoin purchases, Dimon reiterated his skepticism about cryptocurrencies, citing concerns about their association with illegal activities such as money laundering and terrorism. He has historically criticized Bitcoin, previously labeling it a scam and questioning its legitimacy as an investment. In contrast, JPMorgan has explored limited exposure to crypto through derivatives rather than direct asset ownership. Competitors, like Morgan Stanley, have begun offering access to spot Bitcoin ETFs, reflecting a shift in the financial landscape toward more traditional involvement in digital assets. Dimon's remarks indicate a cautious yet evolving stance on cryptocurrencies within the banking sector.

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