Bitcoin
Jamie Dimon from JPMorgan eyed by Trump for Treasury
Published
4 months agoon
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adminWill Trump’s potential choice of Jamie Dimon, a vocal critic of Bitcoin who said he’d close it down, mark the beginning of the end for cryptocurrency freedom in the U.S.?
Former U.S. President and current Republican nominee Donald Trump, a man known for his bold and often controversial decisions, recently dropped another bombshell.
In an interview with Bloomberg, conducted in late June and published on July 16, Trump revealed that he is considering JPMorgan CEO Jamie Dimon for a key position in his cabinet if he wins the upcoming election. The role in question? Secretary of the Treasury.
Now, here’s where it gets interesting. Jamie Dimon, a name synonymous with JPMorgan Chase, has been one of the harshest critics of Bitcoin (BTC) and crypto.
Over the years, Dimon has not minced words, calling Bitcoin a “fraud” and warning investors to stay away from the volatile crypto market.
However, in the same interview, Trump hinted that Dimon might have had a change of heart. He referenced a recent meeting in June where he met with Dimon, top executives, and Republican lawmakers, and Trump showed ‘a lot of respect’ for him.”
This isn’t the first time Dimon’s name has surfaced in connection with a high-profile government role. Back in 2016, during Trump’s first term, Dimon was offered a position in the Treasury but ultimately turned it down.
Fast forward to December 2023, and whispers of Dimon heading the Treasury resurfaced, with reports emerging of the possibility based on sources close to Trump’s campaign.
Let’s dive deeper into who Jamie Dimon is, his past remarks on crypto, and what his potential appointment could mean for the future of Bitcoin and the broader crypto market.
Meet Jamie Dimon
Jamie Dimon is a big name in the banking world, known for his no-nonsense approach and strong leadership. Born in 1956, Dimon graduated from Tufts University with a degree in psychology and economics and earned his MBA from Harvard Business School.
Dimon’s career started at American Express, where he worked under Sandy Weill. He then moved to Commercial Credit and later Citigroup, following Weill, where he played a crucial role in building one of the largest financial services companies in the world.
In 2004, he joined Bank One, which was later acquired by JPMorgan Chase. By 2006, Dimon became the CEO of JPMorgan Chase, leading it to become one of the most influential banks globally.
Dimon is known for his straightforward and sometimes controversial statements. In 2012, he downplayed a major trading loss, calling it a “tempest in a teapot,” which drew stark backlash.
He’s also a vocal critic of regulators and has often sparred with them over financial rules.
But, he is also one of the staunchest critics of crypto and has made several remarks over the years. He has called Bitcoin a “fraud” and warned investors against it, predicting its eventual downfall.
Despite this, rumors of him softening his view have emerged, particularly with Trump considering him for the Treasury.
Dimon and crypto: a complicated relationship
Dimon has never been shy about expressing his disdain for Bitcoin and crypto. His most recent and striking criticism came in April 2024 during an interview with Bloomberg TV, where he labeled Bitcoin a “fraud” and a “Ponzi scheme.”
Dimon stated, “Crypto, if you mean crypto like Bitcoin, I’ve always said it’s a fraud. If they think there is a currency, there’s no hope for it. It’s a Ponzi scheme, it is a public decentralized Ponzi scheme.”
Dimon’s negative stance on crypto was reiterated just a few months earlier, in December 2023, during a Senate hearing. When questioned by Massachusetts Senator Elizabeth Warren, Dimon didn’t hold back.
“I’ve always been deeply opposed to crypto, Bitcoin, etc.,” he declared, arguing that crypto primarily serves criminals, drug traffickers, money launderers, and those avoiding taxes. Dimon even went as far as to say, “If I was the government, I’d close it down.”
This stance isn’t new for Dimon. He has been vocal about his negative views on Bitcoin and other crypto since at least 2014. In an interview with CNBC in 2014, Dimon criticized Bitcoin as a terrible store of value, arguing that it could be easily replicated and lacked the legitimacy of government-backed currencies.
He said, “It’s a terrible store of value; it can be replicated over and over. It doesn’t have the standing of a government.”
Another one of his infamous critiques came in September 2017 when he labeled Bitcoin a “fraud” and compared it to the infamous Tulip Mania bubble of the 17th century.
Dimon said, “I’d fire them in a second,” referring to any JPMorgan trader caught trading Bitcoin. He reasoned this decision with, “For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
Interestingly, while Dimon has been a staunch opponent of Bitcoin, he has shown some support for the technology behind it — blockchain.
In October 2017, just days before JPMorgan launched its blockchain initiative for interbank payments, Dimon acknowledged the potential of blockchain technology.
“The blockchain is a good technology. We actually use it. It will be useful in a lot of different things. God bless the blockchain,” he said.
Despite his harsh words about crypto, Dimon admitted, “I could care less about Bitcoin. I don’t know why I said anything about it.”
So, what does Dimon’s potential role as Treasury Secretary mean for the crypto market, and might his views influence U.S. financial policy?
What lies ahead?
If Trump returns to power and appoints Dimon as Secretary of the Treasury, the future of crypto in the U.S. could face significant changes.
Dimon’s track record as a banker is impressive. Under his leadership, JPMorgan Chase not only survived the 2008 financial crisis but emerged stronger. His firm stance on regulatory compliance and financial stability has made him a respected figure in traditional finance.
However, this same mindset could spell trouble for the crypto industry. Dimon’s past remarks, labeling Bitcoin a “fraud” and a “Ponzi scheme,” suggest that he could push for stricter regulations and oversight, potentially curbing the freedom that crypto currently enjoys.
Interestingly, this could create a conflict within Trump’s administration. Trump has recently positioned himself as a pro-crypto advocate, aiming to attract a growing number of young crypto investors.
Whatever the case may be, politics is a long and strategic game where thoughts, actions, and beliefs can change in the blink of an eye, with underlying motives often driven by gain.
As the election fever heats up, we will likely see more such headlines in the coming days, and crypto will remain an important topic of discussion.
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Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?
Published
1 hour agoon
November 7, 2024By
adminBitcoin is trading around $75,000 following Donald Trump’s victory in the U.S. election, stirring fresh optimism in the crypto market. Trump’s pro-crypto stance has ignited excitement among analysts and investors who anticipate favorable policies for digital assets in his administration. With Bitcoin now sitting at all-time highs, many speculate this could begin a new rally phase.
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Key data from CryptoQuant indicates that Bitcoin has reached a price equilibrium, suggesting there are no strong market forces pulling the price lower. This positive equilibrium reinforces the bullish outlook and hints at a stable foundation for further growth. Analysts believe Bitcoin may be set for new highs with fewer obstacles in the coming weeks.
As investor confidence builds, some view this phase as a critical moment for Bitcoin to solidify its position in a pro-crypto policy environment. The combination of strong technical support and positive sentiment from Trump’s victory has set the stage for what many hope will be a significant upward trend, potentially driving the broader crypto market higher.
Bitcoin Enters A Bullish Phase
Bitcoin has officially entered a bullish phase after breaking past its previous all-time highs, reaching $76,500. This level has become a new area of focus as many analysts identify it as a potential resistance zone.
According to CryptoQuant analyst Axel Adler, the market is currently balanced between a “Bubble” and a “Crash” phase. Adler’s analysis, which includes key on-chain data, suggests that Bitcoin’s market structure is at an equilibrium, meaning there are no significant fundamental reasons to anticipate a drop. Instead, this setup provides a stable foundation for possibly continuing Bitcoin’s upward trend.
With the Federal Reserve’s interest rate decision set to be announced today, the next few weeks promise to be pivotal. A stable or favorable decision from the Fed could reinforce the optimism in the market, drawing in new demand and reinforcing Bitcoin’s position above $76,000.
Many investors and analysts expect heightened activity from institutional players, particularly given Bitcoin’s resilience around this milestone level. The market’s balance at this juncture is crucial. As long as Bitcoin maintains its current structure, it has the potential to continue its upward trajectory without substantial risk of retracement.
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With fresh demand entering the market and the macroeconomic backdrop shaping up favorably, Bitcoin may soon aim for even higher levels. For now, all eyes remain on the $76,500 mark and how the market will respond in the wake of the Federal Reserve’s announcement. This period of consolidation could be the catalyst for the next leg up, solidifying Bitcoin’s bullish outlook.
BTC Key Levels To Watch
Bitcoin is trading at $75,000, holding steady above its previous all-time high of approximately $73,800. This level has become a critical support zone as BTC continues in a well-defined 4-hour uptrend. The trend began after a strong bounce from the 200 exponential moving average (EMA) at $66,800, indicating renewed bullish momentum.
Bulls need to keep the price above the $73,000 mark to sustain this momentum, a key psychological threshold. This level boosts market confidence and provides a potential springboard for Bitcoin to reach higher targets soon. A confirmed hold above $73,000 could signal further upside, inviting additional buying pressure and potentially setting up BTC for new highs.
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However, if BTC fails to hold this level, it could slip toward a lower demand area of around $70,500. Despite this possibility, current price action shows no significant signs of a downturn. The steady uptrend and firm support levels suggest that Bitcoin’s bullish outlook remains intact, with little indication of an imminent drop.
As long as BTC maintains its structure, the path toward continued gains remains clear, reinforcing confidence in the ongoing rally.
Featured image from Dall-E, chart from TradingView
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Bitcoin
Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook
Published
5 hours agoon
November 7, 2024By
adminWidely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.
In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.
“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”
According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.
“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”
At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.
The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.
“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…
…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”
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Bitcoin
Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep
Published
13 hours agoon
November 7, 2024By
admin“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”
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