Home Business Bitcoin rises above the $60,000 mark and the chairman of JP Morgan Chase calls it “worthless”

Bitcoin rises above the $60,000 mark and the chairman of JP Morgan Chase calls it “worthless”

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Original title: Bitcoin broke the $60,000 mark and the chairman of JPMorgan Chase called it “worthless” Source: Reference News Network

Reference News Network reported on October 17 According to a report by Agence France-Presse on October 15 in New York, Bitcoin broke through the $60,000 mark for the first time since April this year. US Futures Exchange Traded Fund (ETF).

According to Bloomberg’s data, the digital currency has risen by more than 40% from the previous month, reaching $62,553 at 20:50 on the 15th GMT. Bloomberg reported that the US Securities and Exchange Commission may allow this ETF to be traded next week.

Since 2013, the US Securities and Exchange Commission has rejected attempts to create a Bitcoin ETF.

Edward Moya, senior market analyst at Anda Corporation, said: “The approval of the Bitcoin ETF by the US Securities and Exchange Commission will be a major moment for the cryptocurrency industry, as it may be a key driver for attracting the next wave of cryptocurrency investors. .”

Bloomberg quoted an anonymous person familiar with the matter as saying that, unlike the Bitcoin ETF application previously rejected by the US Securities and Exchange Commission, the proposals made by Proshals and Invesco Investments are based on futures contracts.

Bloomberg reported that these proposals were made under mutual fund rules, and US Securities and Exchange Commission Chairman Gary Gensler said these rules provide “important investor protection.”

XTB online trading analyst Walid Kudmani said: “This is a key development in the cryptocurrency space because it will allow many investors who are on the sidelines to enter the market in a more traditional way.”

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Other countries also have some ETFs that include Bitcoin, but the introduction of Bitcoin ETFs in the United States will bring cryptocurrencies to another level.

According to a report on the US Consumer News and Business Channel website on October 11, Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., is not a fan of Bitcoin, the cryptocurrency with the highest market value. Dimon said at an event of the International Finance Association on Monday: “I personally think Bitcoin is worthless.”

But he said, “I don’t want to be a spokesperson — I don’t care. It doesn’t matter to me. Our customers are adults. They don’t agree. They make up the market. So if they want to get a way to buy Bitcoin , Although we can’t keep Bitcoin, we can provide legal and as clean channels as possible.”

JPMorgan Chase said in February 2019 that it would launch a digital currency called JPM Coin. In October 2020, the company established a new department for blockchain projects. In August of this year, the company began to allow its wealth management clients to trade cryptocurrency funds.

However, Dimon’s own anti-cryptocurrency stance is firm. Recently, he told Jim Van der Hey, CEO of the AXios News website, that Bitcoin “has no intrinsic value.” Although he believes that Bitcoin will exist for a long time, he “always believes that Bitcoin will be deemed illegal somewhere, just as China has deemed it illegal, so I think it is a bit like fool’s gold.”

Dimon also told Van der Hai that he believes that “regulators will supervise it vigorously.”

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He may be right: Recently, the US government has paid great attention to regulating the cryptocurrency market. Bloomberg recently reported that the Biden administration is considering issuing an executive order directing federal agencies to study the cryptocurrency market and provide recommendations.

However, despite the possible strengthening of supervision, Fed Chairman Powell clarified at the end of September that he had no intention of banning Bitcoin in the United States.

Some financial experts believe that well-thought-out regulation is beneficial to the United States. Anjali Jaliwala, a certified financial planner, certified public accountant, and founder of Fette Consulting, once told reporters on this website: “If people want cryptocurrency to become a mainstream asset to a greater extent, then, I think ( Supervision) is a necessary first step.”

However, cryptocurrency supporters are wary of further regulation-they worry that certain regulatory frameworks may stifle U.S. innovation in cryptocurrency and push business overseas.


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