JPMorgan Chase CEO has once again compared Bitcoin to smoking cigarettes, his latest way of criticizing the asset.
Despite this criticism, Bitcoin remain on the uptrend with global adoption visible.

Jamie Dimon, CEO of JPMorgan Chase, has drawn a controversial parallel between Bitcoin (BTC) and smoking cigarettes. Dimon, a long-time Bitcoin critic, didn’t mince words while expressing his reservations about the cryptocurrency. 

Jamie Dimon’s Comparison: Bitcoin vs. Cigarettes

Speaking at the Australian Financial Review business summit via livestream from New York, Dimon stated, “I don’t know what the Bitcoin itself is for, but I defend your right to smoke a cigarette, I’ll defend your right to buy a Bitcoin. I won’t personally ever buy a Bitcoin.”

He pointed out that many of its practical applications are associated with illegal activities such as sex trafficking, fraud, and terrorism. Reiterating Crypto News Flash’s earlier reports, Dimon distinguished between blockchain technology and Bitcoin, commending the former for its efficiency and real-world potential through tokenization while dismissing Bitcoin as similar to a “pet rock.”

The CEO highlighted his belief that Bitcoin primarily serves as a facilitator for illegal transactions, adding fuel to his argument against its investment merit. He even speculated on the ability of Satoshi Nakamoto, Bitcoin’s anonymous creator, to alter its supply, a notion that challenges the fundamental principles of Bitcoin as a limited, decentralized asset.

Dimon’s comments in January, including his suggestion of a potential Bitcoin ban, sparked backlash from prominent figures in the crypto industry. Leaders like Grayscale Investments CEO Michael Sonnenshein, Galaxy Digital’s Mike Novogratz, and Ripple’s CEO Brad Garlinghouse countered Dimon’s views. 

Following reports from Crypto News Flash, Mike Novogratz, in particular, had earlier, emphasized Bitcoin’s outperformance compared to JPMorgan Chase’s shares over time, highlighting the growing global conviction in Bitcoin as a hedge against government expenditures and fiat currency debasement.

Bitcoin’s Market Performance 

Despite Dimon’s criticisms, Bitcoin has continued its remarkable market run, recently shattering its all-time high and surpassing $70,000. At the time of writing, Bitcoin is trading at $71,807, up by 0.69% in the past 24 hours, with a market capitalization of $1.4 trillion.

Crypto Rover, an analyst, noted that the last time Bitcoin broke its all-time high, it extended its bullish run by 20% in 24 hours. Investors eagerly anticipate this run, with Bitcoin’s market cap surpassing that of Silver, trailing just behind Alphabet (Google), which has a market cap of $1.68 trillion.

Exciting insights from on-chain market resource IntoTheBlock reveal that more than 97% of Bitcoin wallets have realized substantial gains from the recent uptrend. Additionally, Bernstein, a distinguished financial institution, reaffirmed its optimistic forecast for Bitcoin, suggesting a potential increase to $150,000 by 2025, according to a prior report by Crypto News Flash.

While critics like Dimon remain skeptical, Bitcoin’s market performance and growing acceptance suggest a more optimistic outlook for its future. As the crypto market continues to grow, the debate over Bitcoin’s role in the global economy is likely to persist.

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Filed under: Bitcoin - @ March 12, 2024 6:05 pm