Jamie Dimon Criticizes U.S. Bitcoin Reserve Despite JPMorgan Client Access

JPMorgan CEO Jamie Dimon has reiterated his anti-Bitcoin stance, stating that the United States should not be stockpiling the cryptocurrency. Speaking at the Reagan National Economic Forum on Friday, Dimon emphasized, “We shouldn’t be stockpiling Bitcoin,” doubling down on his long-standing skepticism of digital assets.

His remarks come amid the U.S. government's move to establish a strategic Bitcoin reserve. The reserve is expected to be formed using Bitcoin previously seized or forfeited in legal actions. While the initiative marks a shift in how federal agencies handle digital assets, Dimon remains unconvinced about Bitcoin’s role in national strategy.

Interestingly, despite his personal disapproval, Dimon has acknowledged the growing demand for crypto among JPMorgan clients. Earlier this month, he confirmed that the bank would allow clients to invest in Bitcoin, though it will not offer custodial services. Dimon often compares Bitcoin to smoking—he wouldn’t recommend it but recognizes that people will still do it.

This dual stance reflects a broader tension in the financial sector, where institutions are cautiously navigating client demand and regulatory uncertainty. JPMorgan analysts recently predicted that Bitcoin could outperform gold in the latter half of the year, signaling a nuanced position within the firm.

Bitcoin remains a polarizing topic on Wall Street. While some see it as digital gold and a hedge against inflation, others, like Dimon, question its long-term value and use case. Nonetheless, the government’s creation of a Bitcoin reserve and institutional interest from banks like JPMorgan continue to push the cryptocurrency into mainstream financial discussions.

As crypto adoption grows, Dimon’s comments are likely to fuel further debate about Bitcoin’s role in both public and private sectors.