JPMorgan CEO: I will never purchase Bitcoin! Unaware of BTC’s utility?

JPMorgan CEO Jamie Dimon, who has always been dismissive of Bitcoin, stated on Tuesday that he doesn’t know what Bitcoin is good for. While he defends everyone’s right to buy Bitcoin, he personally will never buy it. According to CNBC, Dimon urged the Federal Reserve to wait until after June to cut interest rates at the AFR Business Summit in Australia. He believes that the Fed needs to enhance its credibility in combating inflation. Currently, the market expects an 84% chance of a rate cut in June, with a total of 90 basis points cut this year. Dimon warns against fully accepting the market’s soft landing theory, stating that there is a possibility of some form of recession at around 65%, and does not rule out the possibility of stagflation. Dimon mentioned that the surge in bond and stock markets since the end of 2023 has some characteristics of a bubble, partly due to the aftermath of fiscal and monetary stimulus policies during the COVID-19 pandemic. He emphasized that these aftermaths are still within the system and cannot be said to have disappeared. While Bitcoin broke through $72,000 and reached a new all-time high, Jamie Dimon reiterated his views on Bitcoin. He has long criticized Bitcoin, believing that its actual use is for illegal activities, including sex trafficking, fraud, and terrorism. Despite Dimon’s refusal to buy Bitcoin, JPMorgan is an authorized participant of the Bitwise Bitcoin spot ETF, and the bank also released a report this month stating that considering volatility indicators, Bitcoin has surpassed gold in investors’ portfolios and is expected to attract $62 billion in the next 2 to 3 years. Edward Snowden, the former NSA contractor who exposed the Prism gate incident, sarcastically tweeted about this development.