BTC price slips to $42.4K as JPMorgan CEO says Bitcoin ‘does nothing’

JPMorgan CEO Dimon: Don't Get Involved with Bitcoin

JPMorgan pleads with CNBC to cease discussing the “pet rock” BTC, even though esteemed financial giants witness billions of dollars pouring into spot Bitcoin ETFs.

Dimon: Bitcoin is a “pet rock”

Exciting news from the world of cryptocurrency! The price of Bitcoin took a thrilling dip down to $42,400 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

This comes after a week of wild volatility that had everyone on the edge of their seats. Despite its best efforts, Bitcoin just couldn’t hold onto the $43,000 mark, as there was a serious lack of liquidity in the market. Stay tuned for more thrilling updates!

The atmosphere took a gloomy turn when JPMorgan Chase CEO Jamie Dimon, known for his skepticism towards Bitcoin, made a bold statement at the prestigious WEF annual gathering in Davos, Switzerland. In an interview with CNBC, he dismissed Bitcoin, saying it “does nothing.”

Dimon’s remarks, though not surprising, added fuel to the ongoing debate surrounding the potential of cryptocurrencies. However, his arguments were far from groundbreaking, as he regurgitated outdated criticisms that have long been debunked by experts.

While Dimon’s comments may have dampened the spirits of Bitcoin enthusiasts, they also ignited a renewed sense of determination among those who believe in the transformative power of cryptocurrencies.

“Those are real use cases, and you see it being used for hundreds, maybe $50–$100 billion a year for that. That is the end use case.”

Dimon made a bold declaration, vowing to never mention Bitcoin again and urging others to do the same. However, this isn’t the first time he’s made such a promise, as he has a history of wanting to distance himself from the cryptocurrency.

When questioned about his thoughts on the recent surge of Bitcoin exchange-traded fund launches, Dimon surprisingly revealed his ambivalence towards competitors embracing the digital currency.

“I can only imagine what Larry Fink, the mastermind behind BlackRock and the iShares Bitcoin Trust (IBIT) ETF, would have to say about the ongoing battle between blockchain, functional currencies, and good ol’ Bitcoin. His perspective might just blow my mind!” exclaimed the speaker, hinting at the massive $700 million influx of investments in just three days.

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