Bitcoin remains “worthless” to JPMorgan CEO even after BTC’s 100% price rally in 2021

Key Takeaways:

  • JPMorgan CEO Jamie Dimon showd his age old distrust in Bitcoin as he called the flagship cryptocurrency “worthless.”
  • Neverthelss, the top executive noted that his personal opinions do not have to dictate his ‘institutional’ decisions.
  • The comments surfaced as Bitcoin doubled its valuation in 2021, now trading above $57,000.

YEREVAN (CoinChapter.com) – JPMorgan & Chase CEO Jamie Dimon remains unimpressed with Bitcoin, even though his institution has earlier predicted that the benchmark cryptocurrency’s spot rate would cross $100,000 in the future.

In detail, Dimon called Bitcoin a “worthless” financial asset during an interview with CNBC years after calling the cryptocurrency a fraud. Nevertheless, the executive also noted that his personal opinions do not necessarily reflect JPMorgan’s official stance.

“Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”

— Mr. Dimon said.

JPMorgan’s hate-love relationship with Bitcoin

Despite Mr. Dimon’s harsh opinion, JPMorgan has already offered Bitcoin investment products to its wealthy clients since July 2021. Moreover, many of its earlier reports have called the cryptocurrency a “safe-haven alternative to Gold” against rising inflation.

Analysts in the crypto-verse disagreed with Mr. Dimon. For instance, Mike Novogratz, a prominent Bitcoin bull who heads Galaxy Investment Partners as its CEO, called its JPMorgan counterpart’s view “sophomoric,” further implying that his perspective towards Bitcoin remains close-minded.

Also read: JPMorgan Revises Bitcoin Price Target to $130,000 Over Declining Volatility

Meanwhile Bitcoin…

… held confidently above the $57,000 line, registering a five-month high of $57,855 on Oct 11. Technical analysis from consulting and educational platform Eight Global suggests an upcoming surge if BTC breaks a significant resistance level.

The noted resistance lies between 57,200 and 59,300. Conquering it would take the alpha crypto above its previous all-time high (ATH; $64,854).

It is noteworthy that Bitcoin is only 13% away from the ATH established on Apr 14. Like Meltem Demirors, the CSO of digital asset manager Coinshares, some experts see the flagship cryptocurrency hitting the $100,000 target in Q4.

As for the moment, Bitcoin’s gains have already pushed the total crypto market cap back above $2 trillion, while BTC’s quarter-to-date gains stand at over 32%.

Bitcoin's October gains stand at over 32%. Source: BTCUSD on TradingView.com
Bitcoin’s October gains stand at over 32%. Source: BTCUSD on TradingView.com

Also read: Bitcoin up 6,000,000,000% since launch

Despite Jamie Dimon’s pessimistic stance on cryptocurrencies, Bitcoin continues its bullish cycle. In addition, the traders seem to expect more gains, given the growing number of addresses holding over 1 BTC. According to on-chain analytical platform Glassnode, the number has grown to reach a 4-month high of 813,4 thousand.

The graph presented below also shows that addresses with over one coin declined sharply in mid-June. However, the rise has been steady, which signifies growing confidence despite the price fluctuations that followed.

Also read: Bitcoin looks to pump higher as George Soros’ fund confirms holding BTC.

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