JPMorgan Chase CEO Jamie Dimon has issued a dire warning to the United States military, urging them to stockpile guns, bullets and other weaponry.

During a Friday appearance at the inaugural Regan National Economic Forum in California, Dimon was asked how the US should think about national security as artificial intelligence and chips become more crucial for defense capabilities.

His answer suggested that he believes the White House has the wrong priorities on this front. It also contained a thinly-veiled dig at President Donald Trump's executive order to establish a national bitcoin reserve.

'We know what constitutes national security,' he said in response to a question from CNBC's Morgan Brennan. 'We shouldn't be stockpiling bitcoins, we should be stockpiling gun, bullets, tanks, planes, drones, rare earths. We know what we need to do, it's not a mystery.'

Bitcoin was the first cryptocurrency ever created and is the largest by market capitalization.

Trump was an unabashed skeptic of all forms of crypto in July 2019, when he tweeted that bitcoin shouldn't even be considered a form of money. He also claimed that an unregulated crypto sector facilitates drug dealing and other illegal activity.

But since Trump launched his meme coin, which has generated more than $324 million in trading fees since its launch in January, he has flipped to being one of the loudest cheerleaders of the crypto industry.