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Bitcoin (BTC-USD) is a type of cryptocurrency that does nothing, said Jamie Dimon, CEO of JPMorgan Chase.
In a CNBC interview, he said he would advise his clients not to get involved in Bitcoin (BTC-USD) or anything new ETFs approved last week.
These include Grayscale Bitcoin Trust (GBTC), Blackrocks iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Ark 21Shares Bitcoin Trust (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), and WisdomTree Bitcoin Trust (BTCW), Fidelity Wise Origin Bitcoin Trust (FBTC), Bitwise Bitcoin ETF (BITB), Hashdex Bitcoin ETF (DEFI) and Franklin Bitcoin ETF (EZBC).
“There are two kinds [of cryptocurrency]there's a cryptocurrency that could actually make a difference… and we can use it to buy and sell real estate, to move data, to tokenize things that you do something with, and then there's cryptocurrency [the other type] “That doesn’t help,” he said.
He called the other type “the pet stone,” such as Bitcoin (BTC-USD), adding that crypto coins’ use cases include fraud, money laundering, tax avoidance and sex trafficking.
“Maybe $50 billion to $100 billion a year for it,” he said. “That’s the end use case, everything else is people-to-people commerce.”
Dimon also said that there is a good chance that “all Bitcoins will be wiped out” when Bitcoin (BTC-USD) reaches 20 million Bitcoins.
The supply currently stands at 19.6 million and the inventory is down 7.64% compared to the last five days.
“If you can’t solve the bad use cases, the government will probably have to shut it down.”
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