The Significance of Jamie Dimon’s Reluctant Bitcoin Surrender

Dimon could have stuck to his guns and kept JPMorgan out of it. But the bank—which is the biggest in America, with over $3 trillion in assets worldwide— risked losing high-net-worth individuals and institutional clients seeking to diversify their portfolios at a moment of extreme financial volatility.
So now, JPMorgan customers will be allowed to buy Bitcoin, he said on Monday. He added, however, that the bank would not custody Bitcoin, necessitating a trusted third party.
Dimon’s decision could bring about further change. His capitulation could serve as a powerful signal to other holdouts in traditional finance. And JPMorgan’s massive customer base could bring in a new wave of Bitcoin investors.
Crypto Twitter, unsurprisingly, gleefully celebrated his about-face. “Jamie Dimon has bent the knee,” Cory Klippsten, the CEO of Swan, wrote on Twitter.