JPMorgan Chase CEO Jamie Dimon announced the bank will allow clients to buy Bitcoin marking a significant shift despite his longstanding skepticism. Dimon known for calling Bitcoin a Ponzi scheme and claiming it has no real value confirmed JPMorgan will enable Bitcoin transactions but clarified the bank itself will not hold custody of the cryptocurrency.

The move comes amid growing acceptance of digital assets by major financial institutions driven by recent support from the Trump administration and the Federal Reserve. Fed Chairman Jerome Powell previously stated that banks could offer cryptocurrency services if risks are effectively managed although he acknowledged regulatory standards remain high due to the asset class’s novelty.

Dimon who remains critical of blockchain technology despite JPMorgan’s extensive use said blockchain hasn’t achieved the anticipated impact. Still JPMorgan’s decision to support Bitcoin transactions reflects a broader industry trend towards crypto adoption suggesting mainstream finance may finally be warming up to digital currencies despite continued caution from traditional banking leaders.