- JPMorgan Chase joins Morgan Stanley and others in supporting Bitcoin
- It appears on statements but jpmorgan won’t parental responsibility Bitcoin
- CEO JAMIE DIMON is still skeptical of cryptocurrency
JPMorgan Chase announced on the company’s annual investor Day that the bank giant will now allow clients to buy Bitcoin, but there is a catch.
CEO Jamie Dimon personally remains skeptical of Bitcoin and Cryptocurrencies despite the bank’s steps to support the currencies: “We should not be kept it. We will put it in declarations to clients,” he said.
The manager cited concern for money laundering, ownership and Bitcoin’s use in illegal activities such as sex trade and terrorism, but he noted that his personal views should not get in the way of what customers want.
JPMorgan Chase in support of Bitcoin
“I don’t think you should smoke, but I defend your right to smoke,” commented Dimon, adding, “I defend your right to buy Bitcoin.”
In previous statements, the manager even called Bitcoin “worthless,” and noted that he would close the crypto industry if he announced power.
Revised FDIC guidance, which was updated in March 2024, now allows institutions to participate in Crypto activities without prior approval, which marks more freedom compared to prior guidance. JPMorgan Chas’s decision to support Bitcoin brings it up to pace with Morgan Stanley and others, but it doesn’t bring Bitcoin in line with conventional currency.
More broadly, the institutional adoption of digital assets is seen, but also in addition to cryptocurrencies, as inevitable, and to disregard customers’ interests could see companies risk being left behind. However, risks related to unregulated industries are still a major problem.
Under President Donald Trump’s administration, US regulators have begun to facilitate crypto restrictions. However, heavily regulated industries have found it challenging to get quickly on board with crypto.
Bitcoin is currently worth over $ 105,000, slightly under its highest high, but significantly higher than its 2022 doll as it approached about $ 16,000.
