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Bitcoin (BTC-USD) is a sort of cryptocurrency that does nothing, mentioned JPMorgan Chase CEO Jamie Dimon.
In a CNBC interview, mentioned he would advise his shoppers to not become involved in Bitcoin (BTC-USD), or in any of the brand new ETFs that have been authorized final week.
These embody Grayscale Bitcoin Belief (GBTC), Blackrock’s iShares Bitcoin Belief (IBIT), Valkyrie Bitcoin Fund (BRRR), Ark 21Shares Bitcoin Belief (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Belief (HODL), WisdomTree Bitcoin Belief (BTCW), Constancy Clever Origin Bitcoin Belief (FBTC), Bitwise Bitcoin ETF (BITB), Hashdex Bitcoin ETF (DEFI), and Franklin Bitcoin ETF (EZBC).
“There are two varieties [of cryptocurrency], there is a cryptocurrency which could truly do one thing…and we are able to use it to purchase and promote actual property, to maneuver information, tokenizing issues that you simply do one thing with, after which, there may be [the other type] that does nothing,” he mentioned.
The opposite sort he known as “the pet rock,” equivalent to Bitcoin (BTC-USD), and added that makes use of instances for the crypto cash embody fraud, money-laundering, tax avoidance, and intercourse trafficking.
“Possibly $50-100B a yr for that,” he mentioned. “That’s the finish use case, every thing else is individuals buying and selling amongst themselves.”
Dimon additionally mentioned that there’s a good likelihood that when Bitcoin (BTC-USD) hits 20M bitcoins, “all bitcoins are going to be erased.”
Provide is at present at 19.6M, and the value is down 7.64% from the previous 5 days.
“If you cannot remedy the dangerous use instances, the federal government might be going to have to shut it down.”