At the Reagan National Economic Forum in California on May 30, Jamie Dimon – CEO of JPMorgan Chase – made a notable speech criticizing the U.S. stockpiling of Bitcoin and suggesting a focus on actual defense capabilities.
🔍 Bitcoin cannot be a national security shield
Dimon asserted, 'We should not stockpile Bitcoin. We know what we need. It is not a mystery.' According to him, the United States needs to prioritize stockpiling essential items for security such as missiles, ammunition, tanks, aircraft, drones, and rare earth elements. Chasing after digital assets or the 'blockchain illusion' does not prepare the U.S. for war.
He particularly opposed the executive order in March 2025 by President #DonaldTrump proposing the establishment of a national reserve using Bitcoin. Dimon warned that this is a misguided strategy, emphasizing that the U.S. military currently has enough missiles for only 7 days of combat in the event of a conflict in the South China Sea.
⚠️ The biggest threat comes from within
CEO#JPMorgan emphasized that the main threat to the United States does not come from China or external forces, but from a weakened internal system:
The licensing and regulatory system is convoluted
Inner-city schools are deteriorating
Inefficient healthcare system
The burden of taxes and uncontrolled immigration
He believes that the federal government currently lacks both the capacity to enforce and creates policies that make people impatient and lose trust.
📉 Bond market alarm
Dimon also warned of an impending 'crack' in the U.S. bond market, resulting from excessive spending and borrowing following the COVID-19 pandemic. Although JPMorgan may withstand and even benefit from this crisis, he believes the U.S. financial system in general should not underestimate the risks.
💬 Firm stance on crypto
Jamie Dimon is well-known for his strong opposition to Bitcoin and crypto. He has previously called Bitcoin a 'fraud', 'without intrinsic value', and asserted that if he had the power, he would 'eliminate all cryptocurrencies'. Dimon also accused crypto of being a tool for tax evasion, fraud, and funding crime.
However, JPMorgan remains flexible in deploying some blockchain services, recently opening access to Bitcoin for customers, but not directly holding it, showing practicality in the bank's business strategy.
🇺🇸 A call to return to foundational values
Dimon concluded his speech with a call for America to reaffirm core values such as freedom, equal opportunity, faith, and patriotism. He believes that no country is capable of replacing the global leadership role of the United States.
The perspective of the JPMorgan CEO shows a deep contrast between traditional views on national security and the rising wave of digital assets. This is also a wake-up call for the crypto investment community as technology is not yet sufficient to replace core capabilities in national strategy.
⚠️ Warning: The cryptocurrency market poses high risks and is not suitable for all investors. The content above does not constitute investment advice.