JPMorgan Chase (JPM) will soon permit its clients to purchase Bitcoin (BTC), as announced by CEO Jamie Dimon on Monday at the bank's annual Investor Day. This decision marks a significant change in the firm's stance on cryptocurrency.
While Dimon stated, "We are going to allow you to buy it," he clarified that the bank will not hold Bitcoin in custody. Despite this move, Dimon reiterated his long-standing skepticism towards Bitcoin, citing its use in illegal activities like sex trafficking and money laundering.
Dimon also downplayed the importance of blockchain technology, even as JPMorgan continues to develop in this area. The bank's blockchain platform, Kinexys, recently conducted its first test transaction on a public blockchain, settling tokenized U.S. Treasuries on Ondo Chain's testnet.
This article is based on our author's analysis of materials taken from the following resource: Coindesk.