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“Fools gold”: Why JPMorgan CEO coins crypto as “worthless”

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Jamie Dimon has come clean about his attitude towards bitcoin, but what does this mean for JPMorgan clients?

JPMorgan CEO Jamie Morgan skeptic about bitcoin

The CEO of JP Morgan isn’t a fan of bitcoin, comparing the trading of the cryptocurrency to his disagreement towards smoking cigarettes.

Jamie Dimon said he personally thinks that bitcoin is worthless and he doesn’t care about it, speaking out at a virtual event hosted by the Institute of International Finance.

“Our clients are adults. They disagree,” Dimon says.

“If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

While Dimon is skeptic of virtual currencies, his firm still agreed to roll out their digital currency JPM Coin.

This was followed by their creation of a new unit for blockchain projects in October 2020.

Additionally, in August this year, JPMorgan awarded their wealth management clients with access to crypto funds.

In conversation with Axios CEO Jim VandeHei, Dimon previously coined the cryptocurrency as “fraudulent” after concluding that the currency had “no intrinsic value”.

“I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”

Despite his cynical attitude towards bitcoin, Dimon understands not everyone may agree with his views.

As a result, the investment banking firm’s clients will continue to have access to crypto funds.

Written by Rebecca Borg

Crypto

NEW SCAM – Bart Simpson draws the eyes of unassuming crypto investors

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This image is doing the rounds for tricking unassuming Ripple investors

The image shows Bart Simpson scrawling XRP to hit 589 dollars by the end of financial year on his chalkboard.

A number of crypto outlets and Reddit posts are using the fake image as perhaps a sign of the show making another prediction.

Of course, the world’s most famous family has become known for predicting events like Donald Trump’s presidency.

It turns out the fake screenshot is from 2020 when a YouTube channel used it as a thumbnail.

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Crypto

SWIFT could soon be opening up with blockchain assets after new deal

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SWIFT could soon open up even further with blockchain assets

The financial telco is teaming up with the blockchain oracle network, Chainlink.

The pair are working on a proof-of-concept, which would allow SWIFT to allow token transfers across a range of blockchain environments.

The company believes this will give financial institutions the chance to become blockchain-friendly, without higher costs.

It’s not the first time these two firms have worked together. In fact, another proof-of-concept around bond issuance was tested around five years ago.

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Business

We know how the crypto market will recover, but when?

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$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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