BlocksInform
Despite the protracted crypto winter, cryptocurrency supporters are optimistic about the industry's outlook. And so far this year, they got something to be happy about.
Following a dismal 2022, the price of bitcoin, the most popular cryptocurrency in the world, has been on the rise in recent weeks.
According to data from Coingecko, Bitcoin is trading at $22,709 at the time of writing, an increase of 15% over the past week.
Jpmorgan chase ceo jamie dimon is still not convinced about the performance of the crypto. As a matter of fact, he always was.
As far back September 2017, the chief executive had maintained an antagonistic stance against Bitcoin.
JPMorgan Chase CEO Jamie Dimon. Picture: Business newspapers.
Is bitcoin going to 'explode'?
He minced no words during the time about the crypto by saying Bitcoin “is a fraud” and will “blow up.”
Dimon said he would put an end to all JPMorgan traders trading cryptocurrencies "in a moment." Two reasons were given: "It's contrary to our policies, and they're stupid, and the two are dangerous."
Fast ahead, six years, the top honcho banking giant is still up to it and the crypto critic. In the wake of market problems after the disappearance of ftx, it claims Bitcoin is a hoax and reiterates its opposition to the world's biggest cryptocurrency.
Last week at the WEF in davos, Switzerland, dimon dismissed cryptocurrencies as having no real value.
Picture: Financial moguls.
Is this a "lost time?"
In an interview, he said, "I think this is a waste of time, and I don't know why you're losing your breath." The chief executive officer noted that Bitcoin is a "hyped-up hoax" and a "pet rock."
While talking about the properties of blockchain and LEDGER technologies that JPMorgan believes can be used as a form of money, he expressed scepticism that bitcoin is really a valuable store:
"How do you know that the supply of Bitcoin will increase to 21 million? He may be up to 21 million, and the image of Satoshi will appear and mock all of you.
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.
Why Many Support Bitcoin
Technololgy aficionados, libertarians distrustful of government monetary policy, and speculators attracted to its price fluctuations are among those who favor bitcoin, despite the fact that banks have mainly shied away from it since its emergence in the wake of the financial crisis.
BTC total market cap at $443 billion on the weekend chart | Chart: TradingView.comInflation remains well above the 2% target set by the U.S. Federal Reserve, and interest rates should be above 5 percent, Dimon's outlook on the U.S. economy this year is pessimistic.
Dimon said one of the biggest threats to the global economy is the conflict between Russia and Ukraine, which has disrupted supply lines and pushed energy costs around the world.
