Citing Voltaire, JPMorgan boss Jamie Dimon said he will never buy cryptocurrencies


While addressing the Institute of International Finance gathering in Washington today, JPMorgan CEO Jamie Dimon attacked Bitcoin as “dirty” and “expensive.” The 66-year-old executive says that he will “never” buy cryptocurrencies after repeatedly criticizing them in the past. Dimon is convinced that cryptocurrencies do not do anything. “I don’t know why there’s value to that,” he said.

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JPMorgan CEO Jamie Dimon

Jamie Dimon Slams Bitcoin as “Dirty” and “Expensive”

The JPMorgan boss called Bitcoin “worthless” last October. Dimon, however, remains bullish on blockchain. The famous banker believes the technology could “disintermediate” certain parts of banking.

Speaking of the U.S. economy, Dimon has expressed his doubt regarding the U.S. Federal Reserve’s ability to pull off a much-coveted soft landing. At the same time, Dimon claims he has “total faith and trust” in Fed Chair Jerome Powell, describing him as an “extremely high caliber individual.” The banker predicts that the benchmark interest rate will go above 4.5% due to hotter-than-expected inflation. The JPMorgan boss predicts the U.S. equities market could lose another 30% during the ongoing correction.

The crypto market price action, according to Santiment, has been the “crowd’s least expectation.” Before now, analysts advised the market to brace itself for volatility prompted by the CPI figure announced this week, among other announcements including a likely interest rate hike from the Fed’s Federal Open Market Committee (FOMC). The price action following the CPI announcement indicates that the crypto market had already priced in the unfavorable inflation trend. It also gives some merit to speculation among market observers that the price of BTC has reached a bottom.

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