JPMorgan's Jamie Dimon says Bitcoin should not be part of US stockpiles
Dimon has confirmed JPMorgan will soon let clients buy Bitcoin, although it won't hold Bitcoin.
Key Takeaways
- Jamie Dimon believes the US should prioritize military assets over Bitcoin in its stockpiles.
- Dimon expressed concerns about US military readiness and the implications for its global status.
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JPMorgan CEO Jamie Dimon called on the US to focus on national security by stockpiling weapons and rare earths instead of Bitcoin, during remarks at the Reagan National Economic Forum.
“We shouldn’t be stockpiling bitcoins,” Dimon said during a panel discussion, adding that the US should be stacking weapons, tanks, drones, and rare earths.
Dimon pointed out concerns about current military readiness, noting limited stockpiles of missiles and other essentials, and argued that addressing these deficiencies should take precedence.
He also highlighted the challenges facing America, including internal political and economic issues, which he viewed as more pressing threats than external adversaries.
Dimon’s comments come after President Donald Trump’s March executive order establishing a Bitcoin reserve. The order positions Bitcoin as a strategic asset akin to gold or oil, aiming to strengthen the US economy and currency stability.
The initiative is actively progressing but still in its infancy, Trump’s top crypto advisors, Bo Hines and David Sacks, have stated.
Meanwhile, crypto enthusiasts are paying close attention to the Bitcoin ACT, introduced by Senator Cynthia Lummis, which is seen as laying the groundwork for a more formalized government Bitcoin accumulation strategy.
The bill was introduced in March and has been read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs. It has not yet advanced beyond this initial stage of the legislative process.
Dimon’s persistent doubts about Bitcoin’s staying power are not surprising, but his critique of the US Bitcoin reserve appears driven by national security priorities. He’s not blind to the business upside Bitcoin may offer.
Earlier this month, Dimon announced that JPMorgan will allow clients to purchase Bitcoin, though the bank won’t provide custody services.
The decision is striking, especially given that the CEO previously compared Bitcoin to the tulip mania bubble and said he would fire any employee caught trading it.
Other banking giants, including Morgan Stanley and Goldman Sachs, have already begun exploring the Bitcoin space. Morgan Stanley is preparing to launch crypto trading, featuring Bitcoin and Ether, on its E-Trade platform, with a rollout targeted for 2026.
The banks have also provided clients with indirect Bitcoin exposure through ETFs.
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