Bitcoin Plummets Below $43k Amid JPMorgan Chief’s Persistent ‘Pet-rock’ Claims

By Aaron Feuerstein January 18, 2024 In Bitcoin, JPMorgan
  • Jamie Dimon, CEO of JPMorgan, continues his stance against Bitcoin, linking it to illicit activities.
  • Bitcoin’s value dropped below the significant threshold of USD $43,000, currently trading at USD $42,632.
  • Experienced traders advise focusing beyond short-term market fluctuations, maintaining a bullish outlook for Bitcoin and the broader crypto market.

“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.

Jamie Dimon

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.

Jamie Dimon

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.

Bitcoin (BTC), 1-day chart, source: CoinMarketCap

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).

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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