JPMorgan Chase CEO Jamie Dimon said that despite his reservations towards bitcoin, he would still defend people’s right to purchase the asset if they wish.

At this week's Australian Financial Review business summit in Sydney, Dimon discussed bitcoin's recent rally and offered his thoughts on the timing of this year's possible rate cut by the U.S. Federal Reserve.

"I defend your right to smoke a cigarette, and I’ll defend your right to buy a bitcoin," the JPMorgan Chase CEO told attendees. However, he added that he would personally never buy bitcoin. "I do think it’s a risk if you are a buyer, when governments look at all this stuff, why do they put up with it?" he said.

In light of bitcoin's price reaching a new all-time high above the $72,000 mark this week, Dimon suggested that the …