JPMorgan Chase (JPM) CEO Jamie Dimon, known to be a cryptocurrency skeptic, said the bank will allow clients to buy bitcoin—though he's not crazy about it himself.

"Personally, when I look at the bitcoin universe ... there's the sex trafficking, the terrorism, I am not a fan of it," Dimon said at the bank's annual investor day Monday, according to a transcript provided by AlphaSense, alluding to the occasional use of cryptocurrency to fund illicit activities.

Still, Dimon said: "We're going to allow you to buy it. And we are not going to custody it. We're going to put it in statements for clients."

JPMorgan's rival Morgan Stanley (MS) has allowed its wealth advisors to pitch spot bitcoin ETFs since August, CNBC reported. Earlier this month, Bloomberg reported that Morgan Stanley was looking to bring cryptocurrency trading to clients through its E*Trade platform.

Although JPMorgan now apparently will also be allowing clients to trade bitcoin, Dimon is still is not a fan of the largest cryptocurrency.

"I don't think you should smoke, but I defend your right to smoke," Dimon said. "I defend your right to buy bitcoin. Go at it." 

Bitcoin recently changed hands at above $105,000.