Despite the prolonged crypto future, supporters of cryptocurrencies are confident about the prospects of the industry. And so far this year, they have reason to be happy.
After a gloomy 2022, the price of Bitcoin, the most popular cryptocurrency in the world, has been inching up in the past few weeks.
According to data from Coingecko, Bitcoin is trading at $22,709 at the time of writing, up 15% over the past week.
However, JPMorgan Chase CEO Jamie Dimon remains unconvinced about crypto’s performance. In fact, they always are.
Since September 2017, the chief executive has maintained an antagonistic attitude towards Bitcoin.
JPMorgan Chase CEO Jamie Dimon. Image: The Business Journals
Is Bitcoin ‘Blow Up?’
He didn’t mince words about crypto saying Bitcoin “is a scam” and will “explode.”
Dimon stated that he would stop JPMorgan traders involved in cryptocurrency trading “immediately.” He gave two reasons: “It’s against our policy, and they’re stupid, and they’re both dangerous.”
Fast forward six years, the banking giant’s honcho is still around and criticizing crypto. After the market problems after the death of FTX, he insisted that bitcoin is a hoax and reiterated his opposition to the world’s largest cryptocurrency.
Last week at the World Economic Forum in Davos, Switzerland, Dimon dismissed cryptocurrencies as worthless.
Image: Finance Magnates
Is It A ‘Waste Of Time?’
In an interview, he said, “I believe that everything is a waste of time, and I don’t understand why you are wasting your breath.” The CEO noted that Bitcoin is a “hyped-up hoax” and a “pet rock.”
When discussing the nature of the blockchain and ledger technology that JPMorgan believes could be used as a form of currency, he expressed skepticism that Bitcoin is actually a store of value:
“How do you know when the supply of Bitcoin will reach 21 million? Perhaps it will reach 21 million, at which time Satoshi’s picture will appear and laugh at you all.
JPMorgan and Dimon have embraced blockchain technology since 2017, when JPMorgan was one of 86 companies that helped launch the Enterprise Ethereum Alliance, an open-source blockchain effort.
How Much Bitcoin Support
Technology enthusiasts, libertarians who do not believe in the government’s monetary policy, and speculators who are attracted by price fluctuations are among those who like bitcoin, despite the fact that banks have avoided it since the emergence of the financial crisis.
BTC total market cap at $443 billion on the weekend chart | Chart: TradingView.com
Inflation is still significantly above the US Federal Reserve’s 2% target, and interest rates are anticipated to exceed 5%, so Dimon has a pessimistic outlook for the American economy this year.
Dimon said that one of the biggest threats to the global economy is the conflict between Russia and Ukraine, which has disrupted supply lines and driven up global energy costs.
Picture selection by Example | Your dictionary