JPMorgan Chase CEO Jamie Dimon dismissed the idea of a national bitcoin reserve during remarks at the Reagan National Economic Forum on Friday in Simi Valley, California, arguing that the United States should prioritize tangible defense capabilities over digital assets. Dimon sharply criticized recent moves by the federal government to establish a strategic cryptocurrency stockpile, an initiative formalized in a March executive order signed by President Donald Trump. That order called for the creation of a bitcoin reserve, framed as a “virtual Fort Knox for digital gold.” Dimon rejected the concept outright, stating:

We shouldn’t be stockpiling bitcoin. We should be stockpiling guns, bullets, tanks, planes, drones—you know, rare earths.

The JPMorgan CEO reiterated his opposition with emphasis, repeating: “We shouldn’t be stockpiling bitcoin … we should be stockpiling bullets.” He linked his critique of the bitcoin reserve to broader concerns about America’s national security preparedness, referencing reports that the U.S. military could deplete its missile supply in just one week in the event of a conflict in the South China Sea.

Dimon warned that focusing on digital currency fails to address urgent material shortages that could severely limit the country’s ability to respond to global threats. He argued that the correct course is clear and actionable but has yet to be implemented: “We know what we need to do. This is not a mystery.” The executive’s comments underscore a growing divide between traditional financial leadership and those within the government pushing for a greater embrace of decentralized digital assets.

Despite Dimon’s longstanding skepticism toward bitcoin—labeling it a “fraud” and a “pet rock“—the executive recently announced plans to allow clients to purchase the cryptocurrency. At JPMorgan’s annual investor day on May 19, Dimon stated, “We are going to allow you to buy it,” while emphasizing that the bank will not provide custody services for BTC. He likened this approach to defending someone’s right to smoke, even if he doesn’t endorse it personally.

While Dimon’s stance was unambiguous, advocates for cryptocurrency argue that bitcoin offers strategic benefits beyond military hardware. They claim it can function as a safeguard against monetary instability, bolster cyber-resilience, and expand financial access in regions under authoritarian control. These supporters view the establishment of a bitcoin reserve not as a substitute for defense spending, but as a parallel hedge in a changing geopolitical landscape.

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