Wednesday, June 4, 2025 - JPMorgan Chase CEO Jamie Dimon has issued a stark warning to U.S. leadership, calling on the government to prioritize national defense by stockpiling weapons, ammunition, and critical military supplies—rather than focusing on cryptocurrency reserves.
Speaking at the inaugural Reagan National Economic Forum in
California, Dimon expressed concern about the country’s defense preparedness in
an era where artificial intelligence and microchips are becoming increasingly
vital for military power.
“We know
what constitutes national security,” Dimon told CNBC’s Morgan Brennan during a
panel discussion. “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.”
His comments came amid criticism of President Donald Trump’s
recent executive order establishing a Strategic Bitcoin Reserve and a digital
asset stockpile, intended to hold billions of dollars’ worth of cryptocurrency.
Though Trump was previously skeptical of crypto—once calling
it a tool for drug dealers—his stance has shifted dramatically since launching
his own meme coin, which has generated more than $324 million in trading fees
since January. On March 6, he officially ordered the creation of national
crypto reserves, a move Dimon appears to see as misguided.
A recent Washington Post report estimated
the value of both reserves at $21 billion.
Still, Dimon stressed that real threats to national
security—particularly potential conflict with China—demand more traditional
forms of preparation.
“The
military guys tell you that if there’s a war in the South China Sea, we have
missiles for seven days,” he warned. “We can’t say that with a straight face
and think it’s okay.”
He referenced a December House report that found the U.S.
would exhaust its stockpile of long-range anti-ship missiles within a week if
drawn into a full-scale war with China.
Dimon said JPMorgan is preparing a detailed report to help
lawmakers understand the root of the problem and recommend solutions. Among his
key concerns: outdated budgeting systems and lack of flexibility in defense
spending.
“We don’t
leave behind surplus production capabilities for missiles or bombs,” he
explained. “The military can’t flexibly move money. The hardware and software
needs change so fast. We need to allow multi-year budgeting—but we essentially
don’t.”
Dimon cited military estimates that current inefficiencies
cost the U.S. roughly $50 billion annually and called for a significant boost
in spending.
While national defense dominated the conversation, Dimon
also touched on domestic vulnerabilities. He warned that internal
dysfunction—more than external threats—could be the country’s greatest risk.
“I’m not as
worried about China. I worry about us—our values, our capabilities, our
management. Can we get our act together?” he asked.
Dimon also addressed concerns about the U.S. dollar’s status
as the world’s reserve currency, suggesting that America’s global financial
dominance hinges on maintaining its military and economic leadership.
“If we are
not the preeminent military and the preeminent economy in 40 years, we will not
be the reserve currency. That’s a fact—just read history,” he said.
He concluded by calling for action on key domestic reforms,
including fixing the permitting system, improving immigration and taxation
policies, and addressing inner-city schools and health care.
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