On June 21, Jamie Dimon likened the bull market to “a little tsunami” at a Council on Foreign Relations event, an image that says it all about the potential brutality of its reversal. JPMorgan's CEO doesn't deny the strength of the rally, but he refuses to ignore what's happening underneath. Its warning signals deserve to be taken seriously, especially in a context where bitcoin is stagnating around $64,000.
In brief
- Jamie Dimon called the bull market “a little tsunami that's very difficult to stop” on June 21, 2025 at the Council on Foreign Relations.
- He cites $700 billion in AI investments, 4.3% unemployment and 2% GDP growth as short-term support, but fears a reversal in one to two years.
- Bitcoin is trading around $64,000, caught between market caution and expectations of rate hikes from the Federal Reserve.
A double bottom optimism
Dimon does not play the bird of ill omen on principle. He readily recognizes the drivers that support markets in the short term: some $700 billion deployed in artificial intelligence, an unemployment rate close to 4.3% and GDP growth holding at 2%. These figures are not negligible. However, for the CEO of JPMorgan, they mask a more worrying reality.
“ I am surprised, because there is Ukraine, Iran, oil, Russia and our relations with China “, he said at the event, listing risks that he believes markets have not yet priced in.
Dimon is also part of a long series of warnings: earlier this year, he already advised investors to “breathe deeply and remain vigilant”.
The tsunami metaphor is not trivial. Seen from the shore, a wave may seem harmless until it isn't. The message is clear: once started, the upward momentum becomes difficult to reverse, and its end can be brutal.
Bitcoin caught between macro and institutional skepticism
Bitcoin remains under pressure in this context, trading around $64,000 as expectations of Fed rate hikes continue to weigh on risky assets. A correction in traditional markets would likely drag cryptos down.
The relationship between Dimon and bitcoin remains, moreover, paradoxical. The boss of JPMorgan described the first crypto as a “decentralized Ponzi scheme” and claimed to never hold any. However, his bank now allows its customers to buy them, giving in to a demand that the institutional market makes impossible to ignore.
Its supporters of bitcoin also see in Dimon's warnings an indirect argument in favor of the asset. According to them, geopolitical instability and the fragility of traditional markets reinforce the thesis of a non-sovereign store of value. Dimon, unsurprisingly, does not take up this argument.
The signals that Dimon is sending all converge in the same direction: the bull market is based on solid foundations in the short term, but dangerously fragile in the medium term. Unresolved geopolitics, uncertain return on investment in AI, consumers under budgetary pressure, all factors that call for caution.
For bitcoin, the pressure remains twofold: that of interest rates and that of a macro framework which is slow to stabilize. In such an environment, vigilance is not a posture, it is a necessity.
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