It has just been revealed that the CEO of JPMorgan, Jamie Dimon, said that he would close down Bitcoin if he were the government. Check out the latest reports about this below.
JPMorgan CEO addresses Bitcoin
Here is the tweet in which you can see the video of him hating Bitcoin:
JUST IN: JPMorgan CEO Jamie Dimon says he would "close down" #Bitcoin & crypto if he were the government.
"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."pic.twitter.com/UMBzuYPb59
— Watcher.Guru (@WatcherGuru) December 6, 2023
It is important to note the fact that Twitter posted the following message: “Less than 1% of the trillions transacted annually in crypto are illicit. The UN estimates that annually between 2% to 5% of global GDP ($800 billion – $2 trillion) is used for illicit activities and money laundering through the traditional banking system and cash.”
Bitcoin in the news
According to a report by CryptoQuant, Bitcoin (BTC) could potentially surpass $50,000 in early 2024.
The report suggests that the price range of Bitcoin in the early months of next year could be between $50,000 to $53,000.
This prediction is based on an analysis of user activity, market capitalization, and transaction volume, and utilizing the Metcalfe price valuation band metric.
“Bitcoin may be targeting $50,000 to $53,000 based on the network activity valuation perspective,” CryptoQuant analysts said.
A report has been released that refers to the “bitcoin bull-bear market cycle indicator.” The report suggests that we are currently in a bull market, but nearing an “overheated bull phase.”
Historically, this particular phase has caused a pause in the rally or even a price correction.
Analysts at CryptoQuant have noted that the percentage of Bitcoin’s supply in profit is currently above 88%.
This could result in an increase in sell pressure, as a significant portion of the circulating supply is already in profit.
The report warns of potential short-term corrections and notes that high levels of circulating supply in profit often align with local market tops.
