The head honcho at JPMorgan, Jamie Dimon, talked about the upcoming trend of digital currencies and acknowledged their arrival. Yet, he voiced concerns over Bitcoin, which stirred up uncertainty among investors about its price, as its graph shows a downward trend continues.
JPMorgan CEO Jamie Dimon on Bitcoin and Digital Assets
JPMorgan’s CEO, Jamie Dimon, has expressed his disapproval of Bitcoin, arguing that it lacks inherent worth. Moreover, he believes that Bitcoin’s primary use is predominantly among individuals involved in illegal activities such as sex trafficking, money laundering, and ransomware. Previously, Mr. Dimon has also labeled Bitcoin as a deceitful Ponzi scheme.
Additionally, he likened investing in Bitcoin to smoking a cigarette, implying that while everyone has the freedom to make their own choices, both options come with potential risks. In essence, Mr. Dimon is expressing his stance by suggesting caution when considering Bitcoin investment. Furthermore, regarding digital assets, Jamie Dimon foresees the rise of digital currencies in the future.
Impact on BTC Price
The comments he made might have slightly influenced Bitcoin’s price, as it currently stands at $93,744.56 – a decrease of 0.58% over the past day. Over the last week, its value has dipped by 5.58%, and over the past month, it has fallen by 7.92%. On a positive note, the 24-hour trading volume has surged by 71.15%, and there’s been a 1.31% increase in Open Interest as per data from Coinglass.
Despite the potential short-term effects possibly being fleeting, technical signs suggest a forthcoming bull market for Bitcoin. For example, according to CoinCodex predictions, there could be a significant increase of around 26.71% within the next 30 days, raising the BTC price to approximately $120,667 amidst a volatility of 3.65%. The Future Growth Index (FGI) is estimated to reach 62 points under these conditions.
Demand for BTC
Within the crypto community, there’s a strong interest in Bitcoin (BTC). A crypto analyst verified by CryptoQuant suggests that current events could be detrimental to short-term BTC traders, but they see it as a promising buying chance for those aiming to stockpile during price drops. The MACD further indicates that the market tends to recover when short-term investors start offloading, suggesting there may be pressure on these investors to sell, potentially leading to additional losses being avoided.
The chance to keep buying at a discount aligns with the time period when Donald Trump was on his way to being inaugurated as U.S. President. His administration and he himself have been perceived as advocates for the cryptocurrency sector, which is evident in the selection of Paul Atkins as the next chair of the SEC (Securities and Exchange Commission).
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2025-01-13 13:31