JPMorgan CEO Says US Shouldn’t Stockpile Bitcoin

During a Friday appearance at the Reagan National Economic Forum, JPMorgan CEO Jamie Dimon stated that the U.S. should not be stockpiling Bitcoin.

“We shouldn’t be stockpiling Bitcoin,” he said, doubling down on his long-standing criticism of the leading cryptocurrency.

This comes after the U.S. moved to create a strategic Bitcoin reserve earlier this year. It will initially consist of the coins that have been forfeited by the government.

Earlier this month, Dimon stated that he would allow JPMorgan clients to purchase the leading cryptocurrency. However, the bank will not provide custodial services for the cryptocurrency.

The anti-crypto billionaire banker likes using the smoking analogy when discussing Bitcoin: while he personally does not approve of it, JPMorgan clients can still get exposure to it at their own risk.

Meanwhile, JPMorgan recently predicted that Bitcoin would be able to outperform gold in the second part of the year.