JPMorgan CEO Says US Shouldn't Stockpile Bitcoin

JPMorgan CEO Opposes U.S. Bitcoin Stockpiling

In a recent appearance at the Reagan National Economic Forum, JPMorgan CEO Jamie Dimon voiced strong opposition to the U.S. government's plans to create a strategic Bitcoin reserve. Dimon firmly stated, "We shouldn't be stockpiling Bitcoin," reinforcing his long-standing skepticism of the leading cryptocurrency.

The U.S. government had announced earlier this year its intention to establish a Bitcoin reserve, initially using coins forfeited through legal actions. Dimon's stance directly contradicts this initiative, highlighting his reservations about Bitcoin as a strategic asset.

Earlier this month, Dimon revealed that while JPMorgan would allow clients to purchase Bitcoin, the bank would not offer custodial services for cryptocurrency holdings. The billionaire banker has frequently compared Bitcoin to smoking, emphasizing that while he personally disapproves of it, clients can still access it at their own discretion.

Despite Dimon's public criticism of Bitcoin, JPMorgan recently forecasted that the cryptocurrency could potentially outperform gold in the latter half of the year. This prediction underscores the complex and rapidly evolving nature of the crypto market, even among traditional financial institutions.