JPMorgan Chase CEO Jamie Dimon has doubled down on his anti-bitcoin stance, emphasizing that the crypto is a fraud with no future as a currency. “It’s a Ponzi scheme,” the executive stressed. However, despite his strong opinion about bitcoin, JPMorgan is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF). Dimon, while advising investors […]
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Peter Schiff Warns High Inflation Returning — Accuses JPMorgan CEO Jamie Dimon of Sugarcoating the Problem
Economist and gold bug Peter Schiff has warned that high inflation will return with a vengeance and significant Fed rate hikes will be necessary. He also criticized JPMorgan CEO Jamie Dimon for downplaying the severity of the U.S. economic situation. However, he conceded that Dimon’s perspective is “a lot closer to being right than most […]
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JPMorgan CEO Jamie Dimon Says He ‘Won’t Personally Ever’ Buy Bitcoin
The chief executive of JPMorgan Chase, Jamie Dimon, has doubled down on his anti-crypto stance, declaring that he will never personally buy bitcoin. His investment bank, however, is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF). Despite his personal reservations about bitcoin, Dimon acknowledged his clients’ interest and championed their freedom to invest. […]
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Jamie Dimon Insists Bitcoin Doesn’t Have Value as JPMorgan Teams up With Blackrock on Spot Bitcoin ETF
JPMorgan Chase CEO Jamie Dimon has insisted that bitcoin doesn’t have value, emphasizing that its use cases are sex trafficking, tax avoidance, money laundering, and terrorism financing. However, JPMorgan has teamed up with Blackrock to help the world’s largest asset manager grow its spot bitcoin exchange-traded fund (ETF) as a lead authorized participant.
Jamie Dimon Insists Bitcoin Has No Value
The CEO of JPMorgan Chase, Jamie Dimon, still believes that bitcoin has no value even as the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. In an interview with Fox Business on Wednesday, Dimon expressed:
I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing.
The JPMorgan executive’s comment echoed his statement made during a Senate Banking Committee’s hearing in December last year. In response to a question by U.S. Senator Elizabeth Warren (D-MA), Dimon said: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.” He also said that he would close down crypto if he were the government.
Meanwhile, JPMorgan has teamed up with Blackrock as a lead authorized participant for the world’s largest asset manager’s spot bitcoin ETF, the Ishares Bitcoin Trust. JPMorgan is also named as an authorized participant for the Invesco Galaxy Bitcoin ETF.
Blackrock’s Ishares Bitcoin Trust was among the 11 spot bitcoin ETFs approved by the SEC on Wednesday. The fund will trade on the Nasdaq stock exchange under the ticker symbol IBIT. The NYSE Arca and the Cboe BZX Exchange will also list and trade some approved spot bitcoin ETFs.
When do you think JPMorgan CEO Jamie Dimon will change his mind and see the value of bitcoin? Let us know in the comments section below.
Blackrock Names JPMorgan as Authorized Participant for Spot Bitcoin ETF Despite Jamie Dimon Wanting to Ban Crypto
Blackrock, the world’s largest asset manager, has named JPMorgan as a lead authorized participant for its spot bitcoin exchange-traded fund (ETF). This followed JPMorgan CEO Jamie Dimon stating in a congressional hearing that bitcoin and cryptocurrency are used primarily for criminal purposes and that he would close down crypto if he were the government.
JPMorgan Named Authorized Participant by Blackrock for Spot Bitcoin ETF
On the final day of the U.S. Securities and Exchange Commission (SEC)’s deadline, Blackrock, the world’s largest asset manager, submitted an updated filing for its spot bitcoin exchange-traded fund (ETF). The SEC gave spot bitcoin ETF applicants until Friday to submit their amended filings in order to be included in the first batch of decisions in early January. Moreover, the securities regulator reportedly said it wants authorized participants (APs) named in amended filings.
Blackrock’s latest amended filing shows that it has named JPMorgan and Jane Street as the authorized participants for its spot bitcoin ETF. However, JPMorgan CEO Jamie Dimon recently said at a Senate hearing in reply to a question by Senator Elizabeth Warren (D-MA) that he would shut down cryptocurrency if he were the government, emphasizing that bitcoin and crypto are mainly used for criminal purposes.
Commenting on JPMorgan’s agreement with Blackrock despite Dimon’s negative stance on crypto, Vaneck’s director of digital assets strategy, Gabor Gurbacs, stated on social media platform X Friday:
3 weeks after JP Morgan CEO says bitcoin is for criminals, drug traffickers, and money launderers in front of Congress, his firm is named authorized participant for the Blackrock bitcoin ETF … perhaps it’s time to retract that statement?
Many people on social media shared the sentiment. Zerohedge wrote on X: Jamie Dimon, who ‘hates’ bitcoin, will be broker-dealer on the bitcoin ETF of the world’s biggest asset manager.” In another post, the user wrote: “Dear Senator Elizabeth Warren, Jamie Dimon is ‘on it’: he will be lead AP on the Blackrock and Invesco bitcoin ETFs, accelerating global adoption of crypto, and lifting the value of the product that ‘he’s always been opposed to’ into the trillions.”
According to their updated filing with the SEC, Invesco/Galaxy also named JPMorgan as an authorized participant for their proposed spot bitcoin ETF.
Besides Blackrock, several other spot bitcoin ETF applicants — including Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint endeavor — also submitted their amended filings with the SEC on Friday, aiming to be considered in the initial wave of spot bitcoin ETF decisions.
While many are bullish that spot bitcoin ETF approvals would boost the price of BTC, JPMorgan’s analysts are skeptical. They said in a November note that spot bitcoin ETFs could put “severe downward pressure on bitcoin’s price.” Meanwhile, Blackrock disclosed in a filing last week a plan to seed its spot bitcoin ETF with million on Jan. 3.
What do you think about Blackrock naming JPMorgan as an authorized participant for its spot bitcoin ETF despite Jamie Dimon wanting to shut down crypto? Let us know in the comments section below.
Skybridge Founder Sees Bitcoin as Multi-Trillion-Dollar Asset — Confident Jamie Dimon Will Change His Tune About BTC
Skybridge Capital founder Anthony Scaramucci has predicted a multi-trillion-dollar future for bitcoin, independent of the U.S. Securities and Exchange Commission (SEC)’s spot bitcoin exchange-traded fund (ETF) decision. He also urged Senator Elizabeth Warren to learn more about Bitcoin and expressed optimism that JPMorgan CEO Jamie Dimon “will change his tune about bitcoin” as regulations evolve.
Scaramucci Sees Bitcoin as a Multi-Trillion-Dollar Asset
Skybridge Capital founder Anthony Scaramucci discussed a variety of topics in an interview with Bloomberg on Monday.
While anticipating spot bitcoin exchange-traded fund (ETF) approvals in the first or second week of January, Scaramucci acknowledged the possibility of delays or rejections due to SEC Chair Gensler’s influence. However, “I don’t really think it’s going to matter,” he stressed, elaborating:
I think the exponential growth of wallets, and the exponential adoption of bitcoin globally, is going to push prices higher into 2024.
“I’m making the case that this [bitcoin] is a store of value asset,” he continued. “This is effectively digital gold. It has a 0 billion to 0 billion market cap today. And if it were to get that moniker of digital gold, it should trade to where gold is trading … Depending on days and markets, it’s trillion to trillion in U.S. dollars, so bitcoin has a lot of room ahead.”
Regarding his bitcoin price prediction, Scaramucci said: “Two years ago I said bitcoin could trade at 0,000 a coin, I do think it’s going to reach that.” However, he emphasized that “This is a buy and hold strategy,” adding: “I would just recommend to people that they hold it.”
Echoing the predictions by venture capitalist Tim Draper and Ark CEO Cathie Wood that the price of bitcoin would hit 0,000 to 0,000 a coin, Scaramucci said if he is right about BTC being digital gold:
That would make bitcoin a .5 trillion to trillion asset when gold is a trillion asset, so I don’t see why it can’t get there, but it will come with some volatility and it will require people to be patient.
“We’re having a banner year this year, arguably the best year we’ve had in the history of Skybridge but that was after a really bad year,” he shared, advising: “It’s an early asset, early in the adoption cycle, but things are moving exponentially and I would recommend people to stay the course.”
Scaramucci: Jamie Dimon Will Change His Tune, Elizabeth Warren Should Do Homework on Bitcoin
Scaramucci was asked to comment about the remarks by JPMorgan CEO Jamie Dimon regarding bitcoin and crypto during a senate hearing last week. The JPMorgan boss said that he would shut down bitcoin and crypto if he were the government, citing various criminal use cases for the cryptocurrency.
“He’s one of the smartest people in the industry so he obviously knows he couldn’t shut it down. It’s a fully decentralized network,” Scaramucci described. “And he also knows that a lot of the activity that’s happening in the digital asset space, specifically bitcoin, is happening around the world and not just here in the United States.”
Nonetheless, Scaramucci stated, “But I understand his position and where he’s coming from. He wants those regulators off his back,” concluding:
I’m confident that Jamie, when the regulatory environment gets a little bit more sanguine, will change his tune.
Reiterating that he understands where Dimon is coming from, Scaramucci stressed: “He’s in the largest traditional financial services company. It’s arguably been the most successful and it’s heavily regulated by the people that he is speaking to, particularly Elizabeth Warren, who’s effectively the president for financial services. It seems like the Biden administration has ceded power to her and it’s very clear that she hates bitcoin.”
The Skybidge founder emphasized: “I would caution her on that because I think it’s part of the future and it worries me that somebody like Senator Warren is not doing the homework on something like this.” He concluded: “She’s supposedly for the unbanked, and bitcoin is a mechanism to help the unbanked, and she’s supposedly progressive, and there isn’t anything in the financial services environment more progressive than bitcoin, so I would encourage her to do her homework.”
What do you think about the remarks by Skybridge Capital founder Anthony Scaramucci? Let us know in the comments section below.
Novogratz: JPMorgan CEO Jamie Dimon Is Wrong About Bitcoin, ‘Supreme Arrogance’ to Dismiss Value
Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government.
Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz
Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders.
Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated:
He keeps doubling down and he keeps being wrong.
The Galaxy Digital chief proceeded to point out that many of Dimon’s own clients and some of the wealthiest people in the U.S. believe in bitcoin, including Fidelity Investments CEO Abigail Johnson, famed investor Stanley Druckenmiller, and Bridgewater Associates founder Ray Dalio. Novogratz said they are “big, big investors” who “believe that bitcoin is a store of value.”
Novogratz further shared that his firm’s clients believe in bitcoin, stating: “We see it in our client base. Our trading desk has been busy with hedge funds buying. We see it in institutions buying. So, I don’t know where Jamie gets off thinking he’s smarter than all those guys.” He stressed:
I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t.
“And quite frankly he’s just been proven wrong. Bitcoin has way outperformed JPMorgan’s stock over one year, five years, 10 years — you name the period. People around the world believe in this, and they believe in the community’s ecosystem. They see governments spending too much money, not just here in the U.S. but everywhere, and think you are going to debase fiat currency,” Novogratz described. He also cited Blackrock CEO Larry Fink stating that he expects to see bitcoin in all portfolios.
Do you agree with Mike Novogratz that it’s supreme arrogance for JPMorgan CEO Jamie Dimon to think he knows what has value but all the rest of the people don’t? Let us know in the comments section below.
JPMorgan CEO Jamie Dimon Says He’d Close Crypto Down if He Were the Government
JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug traffickers, money laundering, and tax avoidance.
Jamie Dimon Wants to Shut Down Crypto, Bitcoin
The chief executive officer of global investment bank JPMorgan Chase shared his view about crypto and bitcoin on Wednesday during the Senate Banking Committee’s annual Wall Street oversight hearing.
Responding to U.S. Senator Elizabeth Warren’s question about why cryptocurrencies are an attractive tool for criminals, Dimon stated:
I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.
“That is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously because it doesn’t go through all these systems built up over many years: Know Your Customer [KYC], sanctions, OFAC [Office of Foreign Assets Control] — they can bypass all of that,” the JPMorgan boss emphasized, adding:
If I were the government, I’d close it down.
“Today’s terrorists have a new way to get around the Bank Secrecy Act — cryptocurrency,” Senator Warren claimed. “I’m not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security.”
Dimon has always been skeptical about crypto and bitcoin. He previously said crypto tokens are “decentralized Ponzi schemes.” In January, he called bitcoin “a hyped-up fraud” and likened the cryptocurrency to a pet rock. He also believes that Bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.
Responding to Dimon’s testimony, crypto proponents expressed on social media platform X that if he thinks he can shut down bitcoin, he doesn’t understand it. Many pointed out that banks and fiat money are used more heavily by criminals than crypto. Vaneck’s director of digital asset strategy, Gabor Gurbacs, commented: “Since 2000, regulators fined banks 7,400+ times totaling to fines of 0+ Billion. Banks should stay silent.” He added:
JPMorgan Chase parent company is the second most penalized financial institution with close to billion in fines for 272 violations since 2000. Jamie Dimon is in no position to criticize bitcoin with this sort of track record. They should start the hearing with these stats.
Lawyer John Deaton called Dimon a hypocrite. “Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when JPMorgan has been fined over thirty-five billion dollars (,000,000,000) for illicit and fraudulent activities, did any of your staff use bitcoin or crypto?” he asked.
Even X’s “readers added context” pointed out that people might want to know: “Less than 1% of the trillions transacted annually in crypto are illicit. The UN estimates that annually between 2% to 5% of global GDP (0 billion – trillion) is used for illicit activities and money laundering through the traditional banking system and cash.”
What do you think about JPMorgan Chase CEO Jamie Dimon wanting to shut down crypto and bitcoin? Let us know in the comments section below.
JPMorgan CEO Jamie Dimon Warns of Higher Interest Rates and Recession — ‘I’m Not Trying to Scare People’
JPMorgan Chase CEO Jamie Dimon has warned that something bad may happen in the U.S. economy. “I’m not trying to scare people. I’m more in the category that something could go wrong,” he stressed. “A lot of things out there are dangerous and inflationary. Be prepared … Interest rates may go up and that might lead to recession.”
Jamie Dimon Says ‘Be Prepared’
The CEO of JPMorgan Chase, Jamie Dimon, issued several warnings regarding the U.S. economy this week at the 2023 New York Times Dealbook Summit in New York and the Global Investment Summit organized by British Prime Minister Rishi Sunak in London.
Elaborating on his recent warning of “the most dangerous time the world has seen in decades,” Dimon said at the Dealbook Summit on Wednesday: “If you look at history and you open a newspaper of any month, any year, of course, there’s always tough stuff going on — wars, depressions, recessions….” He explained that the current situation, including the war in Ukraine, the huge humanitarian crisis, and the nuclear blackmail, is affecting all, including oil and gas, migration, food costs, as well as international military and economic relationships. “That’s pretty tough and that’s before the terrorist attack in Israel,” Dimon opined.
Noting that these events are “dangerous,” the JPMorgan executive emphasized: “If you look at the history of battles like this, they’re unpredictable. You don’t know the full effect.” He continued:
I look at a lot of things out there … both dangerous and inflationary. So I just say: be prepared. … The rates may go up — both the short rate and the 10-year rate, and be prepared that might lead to recession.
Commenting on the current state of the economy, Dimon described: “When people look at the current economy and things are going good … We’ve had a little bit of drugs injected directly into our system called ‘fiscal stimulation,’ the largest we’ve ever had in peacetime … But they are drugs running through the system, and they create this kind of sugar high, and we’re in a sugar high.”
The JPMorgan boss further shared: “Corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course, profits are up … So, I’m quite cautious about the economy.” Dimon further asserted that the world isn’t ready for a 7% interest rate.
Dimon Anticipates ‘Something Could Go Wrong’
At the Global Investment Summit organized by Prime Minister Sunak on Tuesday, Dimon warned that something economically bad may happen. Cautioning that the world is now facing a “dangerous cocktail” of risks that could prove “explosive” for the global economy, the JPMorgan CEO said:
You can’t sit here and say that something bad may not happen. I’m not trying to scare people. I’m more in the category that something could go wrong.
He cautioned that inflation is likely to persist at elevated levels for longer. “We’re on this sugar high and I’m not saying this ends in a depression [but] I think there’s more inflationary forces out there … There’s a higher chance that rates go higher, inflation doesn’t go away, and all these things cause more problems of some sort,” the executive detailed.
Earlier in the current month, Dimon expressed his view that the Federal Reserve might increase interest rates further, stating: “I suspect that they may not be done.” He added: “I think there’s a chance that inflation is just a little stickier than people think and their fiscal and monetary stimulus in the last several years is more than people think. Unemployment is very low.” Back in September, Dimon had cautioned that the Fed could potentially raise interest rates to 7%, which might lead the U.S. economy into stagflation. In October, he disclosed his observation of two “extraordinary” storm clouds impacting the U.S. economy. “One is the fiscal money being spent is so big, the largest in peacetime ever — America and kind of around the world — with very high deficits and QT we’ve never had,” the executive detailed, clarifying: “The biggest storm cloud is geopolitical.”
What do you think about the warnings by JPMorgan CEO Jamie Dimon about the economy? Let us know in the comments section below.
JPMorgan CEO Jamie Dimon Sees Nuclear Proliferation as ‘Most Serious Thing Facing Mankind’
JPMorgan Chase CEO Jamie Dimon has identified nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon also pointed out that “central banks 18 months ago were 100% dead wrong.”
Jamie Dimon Discusses Greatest Threats to Global Economy
The chairman and CEO of JPMorgan Chase, Jamie Dimon, discussed the greatest threats to the global economy and the state of the U.S. economy on Tuesday during a panel discussion at the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, ranking it above climate change and other commonly cited threats.
The panel also featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of directors; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals founder Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing partner Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake.
Dimon was asked whether he is optimistic about the economy going forward and whether he shares the widespread obsession in the financial world regarding potential Federal Reserve interest rate hikes or cuts, as well as the impact of Fed decisions on the economy. While claiming that he is “generally an optimist,” the JPMorgan boss stressed: “You’d be foolish not to look at some of these things taking place today in Ukraine, Middle East … It’s affecting oil, food prices, gas prices, migration, potential starvation. It’s probably the most serious thing we’ve faced.” The JPMorgan executive added, “I hear people talking about ESG [Environmental, social, and corporate governance] all the time,” emphasizing:
The most serious thing facing mankind is nuclear proliferation. If we’re not sitting here 100 years from now, it will be nuclear proliferation. It’s not our climate.
Dimon explained that the current geopolitical situation is more complex than it has ever been. Moreover, he said: “I look at the financial situation, the fiscal spending, which is more than is ever. I’m talking about the United States but almost true around the world. It’s more than it’s ever been in peacetime by a long shot with the highest debt levels we ever had by government and there’s just kind of omnipotent feeling that central banks and government can manage through all this stuff. I’m cautious.”
The United Nations wrote in a statement in March: “The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” The UN added that the Russia-Ukraine war represents “the most acute example of that risk,” noting that “the absence of dialogue and the erosion of the disarmament and arms control architecture, combined with dangerous rhetoric and veiled threats, are key drivers of this potentially existential risk.”
The JPMorgan chief continued: “I don’t think it makes a piece of difference whether the rate goes up 25 basis points or more … Whether the whole curve goes up 100 basis points, I would be prepared for it. I don’t know if it’s going to happen.”
Furthermore, he said:
When you look at economics … I want to point out that central banks 18 months ago were 100% dead wrong … I would be quite cautious about what might happen next.
Earlier this month, Dimon said the war in Ukraine, compounded by the attacks on Israel, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He emphasized at the time: “This may be the most dangerous time the world has seen in decades.” He also foresees two “extraordinary” storm clouds hitting the U.S. economy with potential bad outcomes. Last month, he cautioned that the Fed could raise interest rates to 7% and the U.S. economy could experience stagflation.
What do you think about the statements by JPMorgan Chase CEO Jamie Dimon about nuclear proliferation and the U.S. economy? Let us know in the comments section below.