Bitcoin Naysayers May End Up Being the Minority Soon

Continued crypto bashing

Jamie Dimon, the CEO of J.P. Morgan Chase, has been vocal about his no-faith approach towards the bitcoin economy. He expressed earlier that no country will ever allow a blockchain economy, but his predictions have failed. He mentioned back in 2017 that he would not talk about it anytime. Now, he has contradicted himself and publicly called bitcoin “worthless”, a “fraud”, and not even having the value of “tulip bulbs”. His parent bank does not exactly reflect his sentiments though. JP Morgan has opened its doors to certain crypto funds for wealth management clients. Dimon says he is not in favor of the cryptocurrency supply cap, the concept of printing unlimited currencies, as opposed to the notion of value retention. Dimon was speaking at an event hosted by the Institute for International Finance (IIF).

Neutral towards crypto

There are not many takers for Jackie Demon’s stance. Traders are flaunting crypto wallpapers. Major economies like Japan and emerging economies like El Salvador are now allowing cryptocurrencies for investments and payments. Bill Winters, the CEO of Standard Chartered Bank, feels cryptocurrencies are here for the long haul. Many of his compatriots from other global banks share this sentiment or are neutral towards this new revolution. The CEO of Morgan Stanley has been heard saying that cryptocurrencies are not going anywhere. Jane Fraser, the CEO of Citi, and Noel Quinn, the CEO of HSBC, said that they are approaching this world with caution. They are wary but at the same time do not intend to miss the bus. 

The crypto market was going slow for a month but rebounded to $62,000 and peaked in April 2021 at $63,000.