Bitcoin Plummets Below $43k Amid JPMorgan Chief’s Persistent ‘Pet-rock’ Claims
“Please Stop Talking About this Sh*t”
Jamie Dimon has long been known for his negative views about Bitcoin, calling it a pet-rock. In an interview with CNBC, he now goes as far as saying he personally advises against getting involved with BTC. Dimon said the only use cases for Bitcoin are “fraud, anti-money laundering [sic], tax avoidance, sex trafficking.”
The JPMorgan CEO explained what he believes are the only real use cases for crypto, smart contracts and tokenisation.
Think of a cryptocurrency as an embedded smart contract in it. And then we can use it, buy and sell real estate to move data that may have value. The idea of tokenizing things that you do something with. And then there’s one which does nothing. I call it the pet rock, the Bitcoin or something like that.
Dimon then basically begged the CNBC team to move on and not talk about Bitcoin anymore. He added that everyone is free to do with their money what they want to. When asked about Larry Fink’s recent bullish statements on BTC, Dimon expressed indifference.
Number one. I don’t care. So just please stop talking about this sh*t.
Bitcoin Breaks Below USD $43k
Meanwhile, the ‘pet-rock’ of crypto slid below the psychological marker of USD $43k. At the time of writing BTC trades for USD $42,632 (AUD $65,072), as data from CoinMarketCap shows.
Despite the bearish sentiment post the Spot Bitcoin ETFs – which many had hoped would bring in new all-time highs – seasoned traders’ advice to look past the FUD (fear, uncertainty, doubt) and commotion of the short-lived news cycle.
The underlying bullish case for Bitcoin (and crypto for that matter) does not disappear. The performance of the new ETFs has been robust in comparison to their price performance, with Bloomberg’s Senior ETF analyst Eric Balchunas reporting a trading volume of USD $10 billion (AUD $15 billion) in the first three days. He contrasts this with the 500 ETFs launched in 2023, which had a combined daily trading volume of USD $450 million (AUD $683 million).