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Jamie Dimon, a renowned Bitcoin (BTC) critic and CEO of American multinational financial giant JPMorgan Chase has warned against an impending doom to the United States economy.
The Warning on US Economy
According to Jamie Dimon, the US economy might not survive the debt rebellion that is currently brewing in the country. It is worth noting that the national US debt crossed the All-Time High (ATH) above $34.1 trillion.
Speaking in a panel discussion at the Bipartisan Policy Center on January 26, Jamie Dimon recalled what has changed in the economy from way back in 1982 when the US economy had a prime rate around 21.5% and a 12% inflation rate. The unemployment at the time was pegged at 10% and the National Debt was around 35% of the Gross Domestic Product (GDP).
Fast-forward to this present time, Jamie Dimon noted that the Debt to GDP ratio is now above 100% with a projection to hit 130% by 2035. The veteran banker compared the US economy to a Hockey Stick noting that while the growth of the economy cannot be compared to the sporting stick yet, “when it starts, markets around the world – by the way, because foreigners own $7 trillion of U.S. government debt – there will be a rebellion, and that is the worst possible way to do it.”
The US economy has notably not recovered fully from the pangs of the COVID-19 pandemic and the Federal Reserve went on increasing interest rates but slowing down the pace in the past months. He said if a drastic intervention is not implemented, the economy might run through a cliff in the next 10 years.
The Bitcoin Mix, Upside for Crypto
Jamie Dimon is known as a major Bitcoin critic, one that recently compared the premier digital currency as a pet rock that he would not advise investors to get onboard with. Noting that the coin is useless, Jamie Dimon has failed to see the good in the coin even when co-financial veterans like BlackRock CEO Larry Fink are strongly advocating for the asset.
Any major impact on the US economy might benefit Bitcoin and crypto in general as proponents like Michael Saylor consider the asset as a key component to wade off the impact of an economy that is on a collision course with the rocks.
Interestingly, with the advent of spot Bitcoin ETF, a better regulatory pathway has now been opened to enable institutional investors bag the digital currency. At the time of writing Bitcoin is changing hands for $42,140.32, up 0.33% in the past 24 hours. The coin has recovered from its monthly lows and is poised for further growth in the near term.
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