Top American banker warns U.S. against stockpiling Bitcoin

Chief Executive Officer of JPMorgan Chase, Jamie Dimon, has issued a stern warning to American leadership, urging the government to shift its focus from cryptocurrency reserves to strengthening the country’s defense capabilities.

Speaking at the inaugural Reagan National Economic Forum in California, Dimon cautioned against what he described as misplaced priorities in national security. He specifically criticized the recent decision by President Donald Trump to establish a Strategic Bitcoin Reserve and a digital asset stockpile, calling it unwise in the face of mounting global threats.

“We know what constitutes national security,” Dimon said during a CNBC panel session. “We shouldn’t be stockpiling Bitcoin. We should be stockpiling guns, bullets, tanks, planes, drones, and rare earths. We know what we need — it’s not a mystery.”

Dimon’s comments follow Trump’s controversial executive order in March directing the creation of a national crypto reserve, a move that came after his administration’s launch of a personal meme coin that has reportedly generated over $324 million in fees. Critics, including Dimon, argue that with rising tensions in regions like the South China Sea, U.S. military stockpiles of essential hardware and ammunition should be the nation’s top priority.

“The military experts will tell you that if a conflict breaks out in the South China Sea, the U.S. would run out of missiles in just seven days,” Dimon warned, citing a December congressional report that raised concerns about limited supplies of long-range anti-ship missiles.

He further revealed that JPMorgan is currently drafting a detailed report aimed at highlighting inefficiencies in U.S. defense budgeting and logistics. According to Dimon, rigid budget frameworks and outdated spending systems have hampered the Pentagon’s ability to adapt to modern warfare’s fast-changing demands.

“We don’t maintain surplus missile production or munitions stockpiles. The military can’t shift funds as needed. The software and hardware evolve quickly, yet we essentially block multi-year flexible budgeting,” he explained.

Dimon noted that such inefficiencies cost the country an estimated $50 billion annually, calling for significant investment and reforms in defense production.

While highlighting the risks of external threats like China, Dimon stressed that America’s greatest danger lies within. “I’m not as worried about China as I am about us,” he said. “Our real threat is internal dysfunction — whether we can manage ourselves, stick to our values, and remain effective.”

He also cautioned that America’s long-standing status as the world’s financial leader and holder of the global reserve currency depends on its ability to maintain both economic and military superiority.

“If we are not the leading economy and military in 40 years, we won’t be the world’s reserve currency anymore. That’s a fact. History proves it,” Dimon warned.

In closing, the banking chief called for comprehensive domestic reforms in areas including permitting, taxation, immigration, education, and healthcare — insisting that America’s long-term security and prosperity depend on fixing these foundational issues.