JPMorgan CEO Jamie Dimon Skeptical on Bitcoin Despite Clients’ Demand

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.