JPMorgan Chase CEO Jamie Dimon has issued a strong warning to U.S. leadership, urging the government to focus on bolstering national defense by stockpiling weapons, ammunition, and critical military supplies instead of accumulating cryptocurrency reserves.
Speaking at the inaugural Reagan National Economic Forum in California, Dimon highlighted concerns about the nation’s defense readiness amid rising importance of artificial intelligence and microchips in modern 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 remarks come amid criticism of President Donald Trump’s recent executive order establishing a Strategic Bitcoin Reserve and digital asset stockpile worth billions, a move Dimon views as misguided. Trump, once a skeptic of cryptocurrency, has shifted his stance after launching his own meme coin, which has generated over $324 million in trading fees since January.
A recent Washington Post report valued the combined crypto reserves at $21 billion.
Dimon stressed that true national security threats, especially the potential for conflict with China, require traditional defense preparations. “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 stating the U.S. would exhaust its long-range anti-ship missile stockpile within a week in a full-scale war with China.
JPMorgan is preparing a detailed report to help lawmakers grasp these challenges and propose solutions. Dimon cited outdated budgeting systems and inflexible defense spending as major obstacles.
“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.”
He noted that current inefficiencies cost the U.S. about $50 billion annually and called for a substantial increase in defense spending.
Beyond military concerns, Dimon warned that internal dysfunction poses a greater risk to the country than external threats.
“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.
Addressing the U.S. dollar’s role as the global reserve currency, Dimon emphasized that America’s military and economic leadership is crucial to maintaining this status.
“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 closed with a call for urgent domestic reforms, including overhauling the permitting system, improving immigration and tax policies, and investing in inner-city schools and healthcare.
