U.S.'s largest bank, just took a big step with JPMorgan Bitcoin acceptance—now its customers can purchase bitcoin. This places them in the same league as other large banks such as Morgan Stanley, which already allows some financial advisers to sell btc ETFs to their clients. But even with this step forward, on JPMorgan Bitcoin acceptance CEO Jamie Dimon remains cautious and skeptical about btc and other digital currencies.

During the bank's investor day on Monday, Jamie Dimon stated, "We are going to let you buy it." But he indicated JPMorgan will not be directly holding digital gold. But he made it clear that they will not hold btc directly for clients, a process called “custody.” Instead, clients will see bitcoin shown on their bank statements. This means JPMorgan Bitcoin access is available, but it is not taking full responsibility for keeping it safe.

This is a big change because Dimon has often criticized DeFi money and future currency in the past. Until now, the bank has mostly worked with crypto futures—contracts based on its price—but did not allow clients to own digital currency directly. The bank is also considering launching bitcoin ETFs, which would simplify and secure the purchase of btc for many customers.

Jamie Dimon’s Mixed Feelings on Digital Gold

Jamie Dimon has spoken out against btc many times. In 2021, when the prices were rising fast, he called it “worthless.” In a Senate hearing in late 2023, he was even more direct, saying he has “always been deeply opposed to crypto, btc, etc.” He pointed out problems like money laundering, tax evasion, and illegal activities connected to Gold 2.0. He said peer-to-peer money is mainly used by “criminals, drug traffickers … money laundering, tax avoidance.”

Dimon added, "If I were the government, I'd shut it down." But he also had something else to say that was unexpected: "I don't believe you should smoke, but I support your right to smoke. I defend your right to buy btc.” This shows he respects people’s freedom to make their own choices, even if he doesn’t agree with them.

Dimon’s Strong Words

At the 2024 World Economic Forum in Davos, Switzerland, Dimon was blunt again. He called digital currency “the pet rock,” meaning it has no real value or use. He added, “This is the last time I’m talking about this, so help me God,” showing his frustration with the ongoing  debate.

In the meantime, Morgan Stanley CEO Ted Pick said that his bank is exploring additional ways to get into crypto markets.". This shows that while Dimon is cautious, other big financial institutions are warming up to JPMorgan Bitcoin approval.

The Rules Banks Face on Crypto

Even though JPMorgan and Morgan Stanley are opening doors for peer-to-peer money U.S. banks still face rules that limit how much they can work with magic internet money. The Federal Reserve, along with other agencies like the FDIC and the Office of the Comptroller of the Currency, have rules that stop banks from working directly with crypto firms.

Since President Trump took office in January, some of these rules have eased. The FDIC and OCC removed their anti-crypto guidance, and the Federal Reserve has softened some limits. But banks still cannot fully jump into DeFi money activities. Thanks to the repeal of an accounting rule called SAB 121, banks can now hold digital assets, but some limits remain.

What This Means for Crypto and the Future

Their choice to let clients buy Gold 2., even without full custody, shows that JPMorgan Bitcoin affirmation is becoming more normal. Even though Dimon is skeptical, the biggest U.S. bank is changing to meet the growing demand for crypto. This could encourage other banks to follow, helping bring magic internet money and digital assets into everyday investing.

At the same time, rules will keep shaping how banks work with peer-to-peer money. As these rules change, banks may get more involved, making crypto safer and easier for everyone.

In short, big banks like JPMorgan are still careful but moving closer to making JPMorgan Bitcoin part of regular finance. This will help cryptocurrencies grow and earn more trust, even while the industry deals with rules and safety issues. JPMorgan bitcoin welcome is a leap towards future money.

What Happened in Crypto Today: ETFs, XRP Drama and Price Jumps