US Should Stockpile Bullets, Not Bitcoin, Jamie Dimon Says

JPMorgan Chase & Co. JPM CEO Jamie Dimon delivered a pointed message on national security policy at the Reagan National Economic Forum on Friday. 

The Details: The head of the largest bank in the country spoke to a group gathered and argued that the United States must focus more on traditional defense priorities and less on Bitcoin BTC/USD. 

“We don’t need to stockpile bitcoin,” Dimon said. “We should be stockpiling guns, bullets, tanks, planes, drones, you know, rare earths—we know what we need to do, it’s not a mystery.” 

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Dimon said that JPMorgan will publish a “Defense Action Form” that aims to guide industry and government toward eliminating excess production surpluses and increased defense spending, among other recommendations. 

He also criticized the military’s reliance on long-term procurement cycles and suggested the need to become more flexible with contracts in order to pivot, when necessary, to evolving technologies. 

“The military can’t have a 30-year program,” he urged, echoing a growing chorus in Washington calling for increased defense budgets and faster modernization to keep pace with global rivals.

Why It Matters: Dimon’s comments on the importance of increased defense spending and preparations in the name of national security come amid heightened debate over America’s role in the world, as policymakers grapple with the balance between domestic needs and global security commitments.

However, Dimon’s comments on bitcoin were not surprising as the JPMorgan CEO has been consistently skeptical of the cryptocurrency and said it has “no intrinsic value” in a January 2025 interview with CBS. 

“It’s used heavily by sex traffickers, by money launderers, ransomware. So I just don’t feel great about bitcoin,” he added. 

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