JPMorgan CEO Jamie Dimon criticized Bitcoin, highlighting its use in illicit activities despite growing client demand.
Jamie Dimon, the CEO of JPMorgan, addressed the future of digital currencies, expressing his support for their emergence.
Nevertheless, he criticized Bitcoin for two distinct reasons, which sparked a flurry of ambiguous speculation regarding the price of BTC as the chart continued to indicate a decline.
Jamie Dimon, CEO Of JPMorgan Chase, Discusses Digital Assets, Bitcoin
Jamie Dimon, the CEO of JPMorgan, expressed his dissatisfaction with Bitcoin, asserting that it lacked intrinsic value.
Furthermore, he asserted that the utility of Bitcoin was primarily restricted to individuals who engage in illicit activities, such as money smuggling, sex trafficking, and ransomware.
Jamie Dimon has also previously referred to Bitcoin as a deceitful Ponzi scheme.
Additionally, he compared Bitcoin to smoking to imply that smoking is not the optimal option, even though everyone has the right to do so.
In other words, he has clarified his stance by suggesting that anyone can invest in Bitcoin, but there are potential drawbacks.
Jamie Dimon anticipates the emergence of digital currencies in the future concerning digital assets.
Effect On Bitcoin Price
His statements may have had a minor effect on the price of Bitcoin, which has decreased by 0.58% in the past 24 hours.
The flagship cryptocurrency is currently trading at $93,744.56, which represents a 5.58% decrease in the past week and a 7.92% decrease in the past month.
Nevertheless, the 24-hour trading volume has increased by 71.15%, and Open Interest has increased by 1.31%, as indicated by Coinglass data.
The impact, however, may not be sustained for an extended period, as technical indicators are indicating a bullish momentum in the near future.
For example, CoinCodex predicts that the BTC price will increase by approximately 26.71% over the next 30 days, reaching $120,667 amidst a 3.65% volatility and an FGI of 62 points.
Demand For Bitcoin
Within the crypto enthusiast community, there is a demand for BTC.
According to a CryptoQuant-verified analyst, the current situation may be detrimental to short-term BTC traders;
however, it presents an advantageous purchasing opportunity for those who wish to accumulate declines.
The market is known to rebound when short-term investors begin to sell, as MAC.D added, suggesting that there may be some selling pressure on short-term investors to prevent further losses.
The ongoing buy-the-dip opportunity is in accordance with the timeline of Donald Trump, as he progressed toward the US Presidential inauguration.
The appointment of Paul Atkins as the next SEC Chair is indicative of the fact that he and his administration are perceived as advocates for the crypto domain.
