JPMorgan CEO Jamie Dimon, speaking at the Reagan National Economic Forum on Friday, said the U.S. shouldn’t be stockpiling Bitcoin. His comment comes as the U.S. government is starting a strategic Bitcoin reserve using BTC seized in legal cases.
Dimon emphasized, “We shouldn’t be stockpiling Bitcoin. We should be stockpiling guns, bullets, tanks, planes, drones, rare earths. We know we need to do it.”
Dimon has long been against Bitcoin, even calling it a fraud in the past. However, he admits some clients at JPMorgan want access to it. While the bank allows them to buy Bitcoin, it won’t hold or store the crypto for them. Dimon compares Bitcoin to smoking—he doesn’t like it, but knows people will still do it.
Despite his personal opinions, JPMorgan analysts recently stated that Bitcoin might outperform gold in the second half of the year. This demonstrates a difference in opinions inside the bank. Dimon’s remarks illustrate the persistent division in the financial industry. Some regard Bitcoin as digital gold, while others dispute its worth and utility. However, the U.S. creating a Bitcoin reserve shows crypto is becoming part of official policy discussions.
Additionally, Dimon stated that the bank will allow clients to buy Bitcoin but will not provide custody services for the cryptocurrency. He also emphasized that while clients can access Bitcoin through the bank, JPMorgan will not hold the asset on behalf of them.
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