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Jamie Dimon, the CEO of JPMorgan Chase, who has long been skeptical about cryptocurrencies, stated that he would never buy Bitcoin even as it soared to new highs.
In a recent report by Reuters, Dimon continued his criticism of Bitcoin while speaking at The Australian Financial Review Business Summit in New York.
He questioned the purpose of Bitcoin and reiterated claims about Bitcoin being used for illicit activities such as sex trafficking, fraud, and terrorism, despite cryptocurrency supporters arguing that the US dollar is more commonly used for criminal activities.
Dimon said, "I don't know what Bitcoin itself is used for, but I defend your right to smoke, I defend your right to buy Bitcoin. I personally will never buy Bitcoin."
Dimon also suggested during his speech that the Federal Reserve should not start cutting interest rates until after June.
"I think they have to rely on data. If I were them, I would wait. You can always cut quickly and dramatically. Their credibility is a little at risk here. I'd even wait until after June to let everything settle," Dimon said.
Dimon believes that despite the strength of the US economy, there is a 65% chance of some kind of recession.
According to Reuters, the market sees an 84% chance of the Fed cutting interest rates in June and has priced in 90 basis points of cuts by the end of the year. The Fed's current rate stands at 550 basis points. |
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Post time 20-3-2024 09:24:28