At JPMorgan's Investor Day meeting, CEO Jamie Dimon announced the bank's decision to allow clients to purchase bitcoin, despite his personal negativity towards it. He emphasized that while they will present bitcoin on statements, they will not manage custody for it. Dimon expressed significant concern over the likelihood of stagflation, suggesting those risks may be underestimated. However, he also highlighted optimism concerning regulatory reforms anticipated from the current administration, asserting that necessary changes to address existing issues in the financial system are forthcoming.
We are going to allow you to buy it. We're not going to custody it. We're going to put it in statements for clients.
I think the odds of that are probably two times what the market thinks.
I think that the Secretary of Treasury, the president of the United States, the new head of the OCC, the new head of the CFPB, Michelle Bowman at Federal Reserve, and the SEC have all made it clear that they want to fix some of the things they think are broken.
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