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3d ago

JPMorgan Embraces Bitcoin Access While Warning of Economic Risks

CEO Jamie Dimon announces client bitcoin purchase option but raises concerns over deficits, tariffs, and stagflation threats.

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A sign outside JP Morgan Chase & Co. offices is seen in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid/File Photo
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Overview

  • JPMorgan Chase will allow clients to purchase bitcoin through their accounts, though the bank will not provide custody services for the cryptocurrency.
  • CEO Jamie Dimon, a longtime bitcoin critic, reiterated his skepticism, citing its association with illicit activities but defended clients' right to invest in it.
  • Dimon warned that markets and central banks are underestimating risks tied to record U.S. deficits, ongoing tariff disruptions, and the potential for stagflation.
  • The bank reaffirmed its unchanged CEO succession plans, with Marianne Lake, Troy Rohrbaugh, and Douglas Petno emerging as leading candidates.
  • JPMorgan projects an additional $1 billion in net interest income this year but expects a mid-teens percentage decline in Q2 investment banking fees due to economic uncertainty.