updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131JPMorgan CEO, Jamie Dimon, discussed the future of digital currencies wherein he acknowledged and supported their emergence. However, he criticized Bitcoin for two reasons, sending waves of mixed speculation about BTC prices as the chart continues to show a decline.
The CEO of JPMorgan, Jamie Dimon, criticized Bitcoin stating that it lacked intrinsic value. Additionally, he stated that the utility of Bitcoin was majorly limited to those who engage in illicit activities like sex trafficking, money laundering, and ransomware. In the past, Jamie Dimon has also tagged Bitcoin as a fraudulent Ponzi scheme.
He also compared Bitcoin to smoking to suggest that smoking is not the right choice even though everyone has the right to smoke. In other words, he has clarified his stand by hinting that anyone can invest in Bitcoin but there were potential harms associated with it. As for digital assets, Jamie Dimon believes that there will be an emergence of digital currencies in the future.
His statements may have had a slight impact on BTC price which is down by 0.58% in the last 24 hours. The flagship cryptocurrency is exchanging hands at $93,744.56 which also reflects a decline of 5.58% in the last 7 days and of 7.92% in the last 1 month. The 24-hour trading volume, however, has soared by 71.15% and there is an increase of 1.31% in Open Interest according to data on Coinglass.
The impact, however, may not last long as technical indicators are demonstrating a bull run in the times to come. For instance, a surge of approximately 26.71% is anticipated in the next 30 days as per CoinCodex, taking the BTC price to $120,667 amid the volatility of 3.65% and an FGI of 62 points.
There is a demand for BTC within the community of crypto enthusiasts. A CryptoQuant-verified analyst believes that what’s happening now may hurt short-term BTC traders but it comes as a good buying opportunity for those who want to accumulate dips. MAC.D added that the market is known to rebound when short-term investors start selling, hinting that there might be some selling pressure on short-term investors to save further losses.
Ongoing buy the dip opportunity coincides with the timeline of Donald Trump where he headed towards the US Presidential inauguration. He and his administration are seen as advocates for the crypto sphere, which is reflected in the appointment of Paul Atkins as the next SEC Chair.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase CEO Brian Armstrong recently extended respect to JPMorgan CEO Jamie Dimon despite their differing views on Bitcoin (BTC). Armstrong’s comments came in response to a thread by Cathie Wood of Ark Invest, where she critiqued Dimon’s derogatory remarks on blockchain technology and Bitcoin.
In response to Wood’s thread, Armstrong wrote, “Even if we don’t fully agree on Bitcoin, I have a lot of respect for Jamie as a CEO and have learned a lot from him. Actually, everyone I’ve met from JPM has been top-notch.” This unexpected praise for Dimon by the Coinbase CEO showed a rather thoughtful approach in the often polarized discussions in the crypto domain.
This comes after Dimon remained steadfast in his criticism of Bitcoin during a public appearance in Davos. He reiterated his personal advice to avoid BTC, attributing its use cases to “AML, fraud, sex trafficking, and tax avoidance.”
Furthermore, Dimon’s skepticism persisted as he advocated for regulatory measures, and expressed support for shutting down BTC during Congressional testimony. In addition, he also dismissed Bitcoin’s utility and labeled it as a mere “pet rock.”
Moreover, his anti-Bitcoin stance remained unchanged when asked about the recent green light to 11 Spot Bitcoin ETFs. Dimon noted that he doesn’t care about the recent approval of Bitcoin ETFs even though it was a historic moment for the crypto industry. Whilst, he also stated that this would be his last time speaking about BTC in public.
Also Read: Bitcoin ETF: Fierce Competition Between BlackRock And Fidelity As Volume Jumps
Cathie Wood, on the other hand, seized the opportunity to challenge Dimon’s recent characterization of BTC as a “pet rock.” In a recent post on X, she highlighted the impressive statistics laid out by Ark Invest’s team that support Bitcoin network’s strength. The data underscored the network’s record-breaking hash rate of 500 exahashes per second
In addition, Wood’s team provided the following points to emphasize the scale of this achievement:
Furthermore, Wood also shed light on Dimon’s earlier reputation as a tech-savvy CEO in 2004 with his current stance, playfully introducing him to Armstrong, which prompted the latter to respond to the thread. Her pointed remarks aimed to underscore the changing attitudes towards technology, particularly within the financial sector.
Also Read: Ark Invest Purges ProShares BITO & AMD To Buy 1 Bln ARKB Spot Bitcoin ETF
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: Despite recent industry demand for political entry, JP Morgan CEO Jamie Dimon is said to be not running for office any time soon, according to latest Bloomberg report. It is widely known that the CEO is not a big fan of the crypto market and the ecosystem around it. Recently, he had hinted about “one day serving public office,” which sparked a demand that he should probably run for president. Nevertheless, this can be seen as a relief for the digital assets industry participants.
Also Read: Apple Store Down Ahead Of WWDC, iOS 17, AR/VR Headset Expected To Be Unveiled
It was billionaire investor Bill Ackman who first suggested that Dimon could be the ideal face to run for the US presidential post. Earlier, CoinGape reported that having anti-crypto leaders like Dimon could be a major blow even as many leaders are supporting the cause for having clear regulation during campaign debates in the lead up to the US presidential election 2024.
Although it not entirely clear as to whether the political aspirations are put on hold for now or forever, a company spokesperson said the Wall Street bank CEO has no plans to run for office. Joe Evangelisti, a JP Morgan spokesperson, clarified that Dimon was not looking to make a political move. It may be recalled that the CEO called Bitcoin “a modern day fraud” while recognizing the capabilities of blockchain technology. According to the Bloomberg report, the spokesman said,
“As he has said in the past, Jamie has no plans to run for office. He is very happy in his current role.”
Meanwhile, further consensus among lawmakers is desperately needed to gain regulatory clarity around crypto ecosystem in the United States, in the lead up to the election year.
Also Read: Crypto Firm Integrates ChatGPT To Enhance Risk Detection, How AI Can Help Prevent Fraud?
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market News: It is increasingly becoming clear that campaign debates in the lead up to the US presidential election 2024 could feature crypto market regulation. Already, several leaders began speaking about the need for freedom to trade digital assets. While the common perception is that the US economy could potentially face the risk of dedollarization, several US based crypto market participants fear the country is already losing its advantage to become a crypto hub. Meanwhile, campaign debates on crypto will only help the digital ecosystem reach a wider audience.
Also Read: Binance Delists Terra Classic (LUNC) Perpetual Futures Contract, Selloff Coming?
Earlier, CoinGape reported Florida Governor Ron DeSantis, a pro-crypto leader, criticized the US administration under Joe Biden for trying to eradicate the crypto market from the United States. He said the Central Bank Digital Currencies (CBDCs) are not good for the average Americans for security reasons. DeSantis, a Republican Party member, is also running for President and had already launched his campaign.
Speculation around Jamie Dimon running for President rose after he hinted about having interest in serving in public office in the future. Following this, billionaire investor Bill Ackman said Dimon should run for the top post, listing out the CEO’s credentials as a highly respected business leader. However, Dimon attracted criticism from the crypto community for his mocking Bitcoin. Yet, his running for President could spark a widespread debate from his rivals, a much needed discussion in the US ecosystem.
“Jamie Dimon is one of the world’s most respected business leaders. Politically he is a centrist. He is pro-business and pro-free enterprise, but also supportive of well-designed social programs and rational tax policies that can help the less fortunate.”
Recently, another presidential candidate, Robert F. Kennedy Jr., voiced out support for Bitcoin and talked about the need for a conducive environment to transact in the cryptocurrency. In fact, he became the first presidential candidate to accept Bitcoin campaign donations.
Also Read: Circle Announces Native USDC Launch On Arbitrum Network
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
JPMorgan chief executive Jamie Dimon seeks to create a comprehensive rescue plan for First Republic amid the banking crisis.
Jamie Dimon is on top of efforts geared at a rescue plan to salvage the embattled commercial bank First Republic (NYSE: FRC). The JPMorgan (NYSE: JPM) CEO recently led a consortium of big banks that contributed $30 billion to prop up the failing San Francisco-based financial institution. Dimon also orchestrated the fiscal rescue plan alongside government representatives, including Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen.
However, fresh news states that Jamie Dimon is still looking to craft additional elements to the First Republic rescue plan. Dimon is now leading discussions with his counterparts from other leading banks, including Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC). Other involved banks include Citigroup (NYSE: C), Morgan Stanley (NYSE: MS), and Wells Fargo (NYSE: WFC).
Discussions among these banking executives reportedly center around stabilizing First Republic and boosting its capital. These palliative measures include multiple steps, including having leading banks invest in the troubled First Republic. Inside sources allege that the investment plan could directly use some of the deposited $30 billion as capital infusion. In addition, a sale of First Republic or external capital injection into the embattled bank is also up for consideration.
JPMorgan and its banking contemporaries must also move fast with their agenda to salvage First Republic. The San Francisco-based bank already faces intense pressure to reassure investors of its viability. As it stands, First Republic’s customers have withdrawn roughly $70 billion from the bank since Silicon Valley Bank’s (SVB) collapse. SVB had declared bankruptcy earlier this month, throwing the financial system into a tailspin.
First Republic’s shares have crashed by over 90% this month and closed down 47% at $12.18 yesterday. This unsavory development represented its stock’s lowest closing price on record. First Republic’s shares also took a beating last Friday following news of the JPMorgan-led rescue deal. However, the troubled bank later pared some of those losses.
The rescue efforts by the big banks towards First Republic were unprecedented at the time of its announcement and reflected solidarity. In a joint statement underscoring their commitment to assisting First Republic, the banking group said:
“This action by America’s largest banks reflects their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities.”
US government fiscal parastatals also commended the rescue initiative in a joint statement. According to The Federal Reserve, Office of the Comptroller of the Currency, Treasury Department, and Federal Deposit Insurance Corporation:
“This show of support by a group of large banks is most welcome and demonstrates the resilience of the banking system.”
First Republic is the latest focal point amid pervading fears of a midsize US banking crisis. This financial turmoil is also prevalent in Europe, with the recent emergency rescue of Credit Suisse by fellow Swiss rival UBS.
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Jamie Dimon believes that if the United States ends up in a recession, the Fed might end up raising rate hikes as high as 6%.
During his latest interview with CNBC, JPMorgan chief Jamie Dimon shared his views on the current economic outlook while adding that he expects the interest rates to go much higher than Fed’s current projection.
Dimon believes that as inflation remains stubbornly high, the Fed could be forced to raise rates beyond 5%. Speaking from the World Economic Forum from Davos, Switzerland, on Thursday, Dimon told CNBC:
“I actually think rates are probably going to go higher than 5% … because I think there’s a lot of underlying inflation, which won’t go away so quick”.
In order to battle persistent inflation, the Federal Reserve has already raised the benchmark interest rates to 4.25-4.5%. These are the highest rates over the last 15 years. During the December meeting, the “terminal rate” where the Fed is likely to end any further hikes was supposed to be 5.1%.
During the month of December 2022, the consumer price index (CPI) jumped by 6.5% from a year ago. However, this was the smallest annual increase in over a year since October 2021. But Dimon believes that the recent easing of inflation is due to temporary factors such as the pandemic-driven slowdown in China and the pullback in oil prices. Commenting further, he added:
“We’ve had the benefit of China’s slowing down, the benefit of oil prices dropping a little bit. I think oil gas prices probably go up the next 10 years … China isn’t going to be deflationary anymore.”
However, the aggressive rate hikes have already fueled concerns regarding an impending US recession. But as the labor market and the consumer market remains strong, the Fed still feels the need to raise interest rates.
Speaking on the matter, JPMorgan’s chief stated that if the US were to enter a recession, the interest rates could rise to 6%. However, he notes that it would be hard for anyone to predict economic downturns.
“I know there are going to be recessions, ups and downs. I really don’t spend that much time worrying about it. I do worry that poor public policy that damages American growth,” added he.
While Jamie Dimon shared his views over the Fed action going ahead, he didn’t shy to lash out at Bitcoin once again. Dimon, who has been an ardent critic of Bitcoin and crypto in the past, noted that Bitcoin itself is a ‘hyped-up fraud’.
JPMorgan itself has been doing good and last week, the bank reported its fourth-quarter earnings and revenue while beating the Street expectations. “Our lines of business performed well in the quarter, and we continued to see momentum in our areas of strategic focus,” Dimon said.
On Wednesday, January 18, the JPMorgan (NYSE: JPM) stock came under selling pressure dropping by 3% and ending the trading at $136.
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BlackRock’s Lawrence Fink sees a “huge role for digitised currency”
In an appearance on CNBC’s Squawk Box, Larry Fink, the CEO of the world’s largest asset manager, BlackRock, revealed he partly sides with Jamie Dimon’s take on cryptocurrencies. Fink observed that, just like JP Morgan’s chief executive, he didn’t see much value in digital currencies.
Responding to whether he had a change of heart with regards to providing crypto products or access to investors, he said that BlackRock was in the process of evaluating cryptocurrencies and general blockchain technology. The executive further stated that he was unsure whether the asset would shoot upwards or spiral downwards.
He, however, noted how impressive it is that investors have looked into crypto to diversify their investments. In his opinion, Fink believes that digitised currencies will play a big role in the future.
“I’m not a student of Bitcoin, and where it’s going to go so, I can’t tell you whether it’s going to $80,000 or zero. But I do believe there is a huge role for a digitised currency, and I believe that’s going to help consumers worldwide,” he said.
During the Squawk Box interview, in which he also discussed the state of investing in global markets, Fink divulged that the firm hadn’t noted much interest in digital assets.
“We see very little demand for those [cryptocurrencies] types of things.”
His sceptical remarks come days after JPMorgan’s chief executive Jamie Dimon averred he did not believe in crypto despite the bank’s customers seeing otherwise. In a recent Institute of International Finance Annual Membership Meeting, the JP Morgan CEO labelled Bitcoin as worthless, questioned its scarcity and suggested its supply cap could be altered.
It wasn’t the first time that Dimon has been cynical about digital assets, having described Bitcoin as a fraud in the past. Interestingly he believes that it could potentially increase up to tenfold in value in the next five years. He also specified during the membership meeting that his personal cynicism did not stand in the way of the company delivering safe access to the asset if investors wanted it.
“If they want to have access to buy bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access,” he said.
These Bitcoin-critical remarks have not gone down well with the crypto community, with several users pointing to the rally Bitcoin has seen over the years. Some went as far as highlighting over 400 high-profile Bitcoin “obituaries” that have all been wrong. On his end, MicroStrategy’s Michael Saylor believes that Bitcoin frustrations stem from a lack of understanding of the digital asset.
Decrypt Editor-in-Chief Dan Roberts breaks down JPMorgan CEO Jamie Dimon’s latest comments on bitcoin and what crypto investors need to know about Shiba Inu.
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