JPMorgan Chase CEO Jamie Dimon has once again made headlines in the crypto world, reaffirming his stance that the United States should not be stockpiling Bitcoin—even as his bank opens the door for clients to buy the digital asset.
During a recent appearance at the Reagan National Economic Forum, Dimon stated plainly, “We shouldn’t be stockpiling Bitcoin,” doubling down on his long-standing skepticism toward the world’s largest cryptocurrency. This comment comes at a time when the US government has begun forming a strategic Bitcoin reserve, initially using coins seized or forfeited in legal cases.
Despite his personal reservations, Dimon has acknowledged the growing demand for crypto among JPMorgan’s clients. The bank now allows customers to purchase Bitcoin, but it draws a clear line: JPMorgan will not provide custodial services for these assets, meaning clients are responsible for their own Bitcoin storage and security .
Dimon often uses a smoking analogy to explain his position: he doesn’t approve of Bitcoin, but he respects his clients’ right to buy it—much like defending someone’s right to smoke, even if he wouldn’t do it himself . He remains concerned about Bitcoin’s association with illicit activities and the lack of regulatory clarity, but he’s not standing in the way of client interest.
Interestingly, while Dimon remains a vocal critic, JPMorgan’s own analysts have predicted that Bitcoin could outperform gold in the latter half of the year, reflecting the bank’s nuanced approach to digital assets.
For those new to crypto, the takeaway is clear: while the US government and major banks like JPMorgan are cautiously engaging with Bitcoin, top financial leaders like Dimon remain wary. Still, the door is open for those who want to participate—just don’t expect the bank (or the country) to go all-in on Bitcoin anytime soon.
