JPMorgan Chase (JPM) is reversing its long held policy and will now give clients the option of buying Bitcoin (BTC), the largest cryptocurrency by market capitalization.
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At the company’s annual Investor Day, JPMorgan CEO Jamie Dimon said the world’s largest bank is shifting its approach to digital assets. “We are going to allow you to buy it,” Dimon told shareholders when asked about Bitcoin, though he stressed that JPMorgan has no plans to hold the asset in custody.
The change towards Bitcoin is not only a reversal at JPMorgan Chase but for Dimon himself, who has long been a vocal critic of cryptocurrencies. In the past, Dimon has referred to himself as a “major skeptic on crypto tokens,” and called Bitcoin a “decentralized Ponzi scheme.”
Change of Heart?
At the latest Investor Day, Dimon seemed to grudgingly acknowledge demand for Bitcoin and other cryptocurrencies. However, he stressed to the assembled crowd that he himself is still “not a fan” of Bitcoin, mainly because of its use in illegal activities, including money laundering.
Dimon also pushed back on the hype surrounding blockchain technology, saying it’s less important than people think or realize. “We have been talking about blockchain for 12 to 15 years,” said Dimon. “We spend too much on it. It doesn’t matter as much as you all think.”
The price of BTC is up 9% this year while JPM stock has gained 12% so far in 2025.
Is JPM Stock a Buy?
The stock of JPMorgan Chase has a consensus Moderate Buy rating among 19 Wall Street analysts. That rating is based on 12 Buy and seven Hold recommendations issued in the last three months. The average JPM price target of $268.24 implies 1.20% upside from current levels.
