Jamie Dimon, CEO of JPMorgan, has always been dismissive of Bitcoin. However, as Bitcoin continues to reach new all-time highs, he stated on Tuesday that he doesn’t know what Bitcoin is for and that he will never personally buy it, although he defends everyone’s right to purchase Bitcoin.
According to CNBC, Dimon urged the Federal Reserve to wait until after June to cut interest rates at the AFR Business Summit in Australia. He believes that the Federal Reserve needs to enhance its credibility in fighting inflation. Currently, the market predicts an 84% chance of an interest rate cut in June, with a total of 90 basis points cut this year. Dimon stated that the current performance of the US economy is almost prosperous but warned against fully accepting the market’s soft landing theory, suggesting that there is about a 65% possibility of some form of economic decline and does not rule out the possibility of stagflation.
Dimon mentioned that the surge in bond and stock markets since the end of 2023 has some bubble-like characteristics. One reason for this is the aftermath of fiscal and monetary stimulus policies during the COVID-19 pandemic. He emphasized that these aftereffects are still present in the system and cannot be said to have disappeared.
While Bitcoin soared above $72,000, reaching a new all-time high, Jamie Dimon once again expressed his views on Bitcoin. He has long criticized Bitcoin, believing that its practical use is for illegal activities, including sex trafficking, fraud, and terrorism.
Despite Dimon’s refusal to buy Bitcoin, JPMorgan is an authorized participant in the BNY Mellon Bitcoin Spot ETF. JPMorgan also released a report this month stating that considering volatility indicators, Bitcoin has “overtaken gold” in investor portfolios, and Bitcoin Spot ETFs could potentially see $62 billion in inflows within the next 2-3 years.
Edward Snowden, the former NSA employee who exposed the US “Prism Gate” incident, sarcastically tweeted about this development.
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