Jamie Dimon's JPMorgan says bitcoin's slide has created 'significant upside' for crypto investors (2024)

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Jamie Dimon's JPMorgan says bitcoin's slide has created 'significant upside' for crypto investors? ›

Jamie Dimon's JPMorgan says bitcoin's slide has created 'significant upside' for crypto investors. Bitcoin's recent slide has left the digital token well below its fair price, giving the cryptocurrency “significant upside” now, JPMorgan Chase said in a research note this week.

Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency.

Factors contributing to the Bitcoin price decline

Several market factors are contributing to Bitcoin's price plunge. One of the primary reasons is the recent Bitcoin halving event, which reduced Bitcoin miner rewards from 6.25 BTC to 3.125 BTC.

The bitcoin production cost influences its price, with the analysts predicting it to be around $42,000 post halving. "The bitcoin production cost has empirically acted as a lower bound for bitcoin prices," the analysts said.

Perhaps the most famous value investor of all time, Warren Buffett is strongly against Bitcoin and other cryptocurrencies, saying, "You can't value Bitcoin because it's not a value-producing asset." Buffett and his holding company Berkshire Hathaway Inc. have been well-known for their investments in stable and ...

Michael Saylor, CEO of MicroStrategy, a software firm that has made heavy investments in bitcoin, is now worth an estimated $4.4 billion, compared to $760 million last year. Brian Armstrong, CEO of crypto exchange Coinbase, is worth an estimated $11.2 billion, up from just $2.2 billion last year.

JPMorgan Chase CEO Jamie Dimon used an interview with Fox Business to repeat his frequent criticism of bitcoin, saying the word's largest cryptocurrency by market capitalization "doesn't have value." His comments came amid anticipation that spot bitcoin ETFs could be approved later today, and despite the fact the bank ...

The largest bank in the U.S. with $2.6 trillion in assets reported to the SEC that it had purchased roughly $760,000 worth of shares of Bitcoin ETFs.

The volatility of cryptocurrency markets and concerns over security and regulation have made many banks cautious about involvement in the crypto space. Some banks have even banned the use of credit cards for purchasing cryptocurrencies, reflecting their hesitancy to embrace this emerging technology fully.

If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%. While the prediction is bullish, Bitcoin's 14-year CAGR is well over 220%, so it is not entirely out of the question.

Why is Bitcoin so controversial? ›

Bitcoin Cannot Be Regulated

Fiat currency is backed by the full faith and credit of a government. This means that governments promise to make a currency borrower whole in case of a default.

Bitcoin (BTC) is continuing its downward trend today as crypto investors digest the results of the latest Federal Open Market Committee, or FOMC, meeting. After the Fed held interest rates steady at the June meeting, many have lost hope for significant rate cuts before the end of the year, sending crypto down.

These regulatory advisories warn that cryptoassets, including bitcoin and ether, may be susceptible to fraud, involve a high level of risk, and may experience significant price volatility, which may also adversely impact the price of swaps, security-based swaps, equity options, futures, options on futures, and OTC ...

We are preparing a dual remediation strategy that incorporates both post-quantum cryptography and QKD,” said Lori Beer, Global Chief Information Officer at JPMorgan Chase. “This deployment of a high-speed quantum-secured crypto-agile network could enable novel security features beyond secure key exchange.

So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.

Regulators have long warned that bitcoin is a high-risk asset, with limited real-world use cases. The Goldman executive said there was "a certain component of leverage in the system" currently but not the same "hyperbole" as during 2021 and 2022.

Billionaire Mark Cuban Says Bitcoin Price Can Go 'Way Higher Than You Think' – Here's Why. Billionaire and Shark Tank star Mark Cuban says the stars are aligning for Bitcoin (BTC) in the best possible way.

Steer clear, Big Tuna. Head for open waters. Crypto is risky business." Ramsey also added that when it comes to crypto, you should "just say no," reminiscent of former First Lady Nancy Reagan's campaign against drugs in the 1980s.

Bitcoin was created by an anonymous person or group using the pseudonym Satoshi Nakamoto. Nakamoto published a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System," outlining the concept of a decentralized digital currency.