Vanguard Group, which oversees about $12 trillion in assets, remains skeptical of Bitcoin despite allowing clients to trade spot Bitcoin ETFs. One of the firm’s top investment leaders says its core view on crypto has not changed. Is Vanguard Rejecting Bitcoin as an Investment? John Ameriks, Vanguard’s global head of quantitative equity, said that Bitcoin
The post $12T Vanguard Still Skeptical of Bitcoin Despite Offering BTC ETFs, Calls It a ‘Digital Labubu’ Toy appeared first on CoinGape.
]]>Newcomer Crypto Gains Favour as Investors Grow Skeptical of Shiba Inu’s Long-Term Trajectory Crypto Economy
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JPMorgan 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.
JPMorgan CEO Jamie Dimon on Bitcoin and Digital Assets
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.
Impact on BTC Price
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.
Demand for BTC
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.
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Blockchain technology has gained adoption in various sectors of the global economy, beyond cryptocurrencies.
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American activist and whistleblower Chelsea Manning has revealed that she is bullish about blockchain technology. However, she is skeptical about the economic aspect of the technology.
She made her points known during an interview with Decrypt, stating that she has been a fan of Bitcoin for a few years now. According to Manning, her initial thought about Bitcoin is that it is an excellent technology instead of a tool to create wealth.
The activist said she thinks Bitcoin is an experiment in developing cryptographically based networks as a decentralised means of storing information. She stated that;
“I have a great interest in the technology [of blockchain], but the economic aspect, I’m a little bit more skeptical. I just don’t see how something [that] can switch from having some value to not having value very quickly as being a sustainable sort of system.”
Manning added that she believes blockchain technology can be used to revolutionize sharing information electronically, especially when it comes to privacy, protecting the contents of messages, and verifying sources. Her interest began to diminish when Bitcoin became more about money than technology. Manning said;
“I moved away from it because I realized that there’s a lot of people who don’t understand the technical aspects of this, or the security and privacy implications of this technology, but they view this as a brand that’s cool to be a part of.”
Bitcoin is the world’s leading cryptocurrency and has held that position since it was launched in 2009. The cryptocurrency reached an all-time high of $69k in November 2021 but has lost more than 60% of its value since then.
At press time, Bitcoin is trading above the $20k level, down by less than 1% over the last 24 hours.
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