Dimon: bull market ‘like a little tsunami’; bitcoin lags

On June 21 at the Council on Foreign Relations in New York, JPMorgan Chase CEO Jamie Dimon described the stock rally as “like a little tsunami” and cautioned that rising geopolitical tensions could leave markets vulnerable. Bitcoin traded near $64,000 and has lagged amid investor concerns about higher Federal Reserve interest rates.

Dimon pointed to near-term supports for equities, including about $700 billion in artificial-intelligence capital spending, unemployment around 4.3% and GDP growth near 2%.

He listed global flashpoints he believes are underpriced: Ukraine, Iran, oil, Russia and the U.S. relationship with China. He warned those issues could affect energy supplies, trade and investor confidence.

He warned that market cycles turn and expressed concern about timing: “Cycles inevitably turn. I am quite worried about it. They may determine the economy, but it may be a year from now, a few years from now.”

Earlier this year he urged investors to “take a deep breath and watch out.” He noted large AI investments have yet to prove their returns and pointed to consumers relying on fiscal support.

On cryptocurrency, Dimon has previously called bitcoin a “fraud” and described some projects as “decentralized Ponzi schemes,” though JPMorgan has moved to let clients buy bitcoin. The asset has faced pressure as expectations for higher Federal Reserve rates weigh on risk assets.

Dimon’s comments arrive as major U.S. equity indexes reach new highs and as investors assess the potential impact of geopolitical shocks and shifting monetary policy on stocks and crypto.