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‘I Just Don’t Feel Great About Bitcoin’: JPMorgan CEO Talks About Crypto’s Alleged Dark Side

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Recently interview In an interview with CBS News, JP Morgan CEO Jamie Dimon reiterated his long-standing skepticism of Bitcoin, saying: “Bitcoin itself has no intrinsic value.”

Bitcoin Resilience Amid Dimon Doubts

Dimon emphasized the cryptocurrency’s alleged connection to illegal activities, including money laundering and human trafficking, which he believes tarnishes its reputation. “I don’t feel good about Bitcoin,” he added, reflecting a view that has remained consistent throughout his career.

Despite Dimon’s criticism, Bitcoin has shown remarkable resilience, doubling its price over the past year. This increase can be attributed to various factors, including Federal Reserve policy. Interest rate cuts He expected a more favorable regulatory environment under the incoming Trump administration.

After reaching a peak of over $108,000 per coin last December, Bitcoin’s price recently fell below $92,000, sparking discussions about its volatility and the next moves ahead for the market-leading digital asset.

The growing popularity of cryptocurrency has also drawn scrutiny of its use in illicit transactions. A report by Chain Analysis, published last July, highlighted how bad actors are exploiting cryptocurrencies for their advantages: “cross-border, nearly instantaneous, and generally inexpensive transactions.”

However, Dimon’s critical stance on Bitcoin is not new. In an interview with Bloomberg last April, he described Major Cryptocurrency “Fraud” and “Ponzi scheme.”

During his recent statements, he likened investing in Bitcoin to smoking, acknowledging individual freedom while expressing his disagreement. “I applaud your ability to want to buy or sell it, just as I believe you have the right to smoke, but I don’t think you should smoke,” he said.

Does the incoming Trump administration plan to legalize cryptocurrencies?

As Damon voices his concerns, the political landscape changes. The incoming Trump administration is expected to take important steps to legalize Digital assets. Trump has positioned himself as a “cryptocurrency candidate,” accepting campaign contributions in several cryptocurrencies, including Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL).

At a Bitcoin conference last July, then-candidate Trump proposed creating a national reserve for Bitcoin, stressing that the United States should become… Cryptocapital To compete globally, especially against economic powers like China.

In addition to the cryptocurrency discussions, Dimon commented on government spending plans championed by Elon Musk, who has emerged as a key ally of Trump. Musk proposed a radical reduction in government expenditures and claimed he could cut “at least $2 trillion” from the budget.

While Dimon expressed support for making government more efficient, he remained cautious about the viability of Musk’s project Ambitious goals. “He’s obviously an extraordinary talent. I mean, look at Tesla and SpaceX.

Despite Musk’s optimistic forecast, he tempered expectations regarding the expected results of the Department of Government Efficiency (DOGE), noting that a best-case scenario would result in cuts closer to half of his initial claim.

The 1D chart shows that BTC price is recovering slightly to the upside. source: BTCUSDT on TradingView.com

At the time of writing, Bitcoin is trading at $95,170, recording losses of 7% for the month.

Featured image of the expansion, chart from TradingView.com

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