JPMorgan CEO Says Bitcoin ‘Does Nothing,’ BTC Price Hits $42.4K
Bitcoin (BTC) fell to daily lows ahead of the January 17 Wall Street open as the World Economic Forum (WEF) delivered fresh headlines.
Dimon: Bitcoin is a “pet rock”.
Data from Cointelegraph Markets Pro and TradingView confirmed BTC's price drop to $42,400 on Bitstamp.
After last week's flurry of volatility, the largest cryptocurrency has repeatedly failed to hold $43,000 as support amid a lack of liquidity.
The sentiment wasn't helped by JPMorgan Chase CEO Jamie Dimon, who told CNBC at the WEF's annual meeting in Davos, Switzerland, that Bitcoin “doesn't do anything.”
“I'm not trying to make a joke here; There are use cases: AML, fraud, anti-money laundering, tax evasion, sex trafficking,” he said, echoing an age-old, widely debunked criticism of Bitcoin.
“Those are real use cases, and you see hundreds of maybe $50–100 billion a year being used for that. That's the ultimate use case.
Dimon also announced that he would never mention bitcoin on the network again, asking vendors to “stop talking” about it. As Cointelegraph reports, Dimon himself has repeatedly promised to stop quoting for years.
When asked about his stance on the launch of a Bitcoin exchange-traded fund (ETF) last week, he expressed ambivalence about competitors accepting Bitcoin.
“I don't know what it says about blockchain and currencies that do something with Bitcoin, which doesn't do anything; it could be very different from me,” said BlackRock CEO Larry Fink, citing the iShares Bitcoin Trust (IBIT) ETF, which saw more than $700 million in revenue in its first three days.
“But that's what marketing does – people have opinions and this is the last time I'm going to express my opinion.”
Traders will see no BTC price divergence.
Updating their perspective on short-term BTC price performance, prominent traders warned of a testing period ahead.
Related: Bitcoin Daily RSI Hits 4-Month Lows, BTC Price Still Up 70%
For Daan Crypto Trades, gone are the days of easy trading environments where BTC/USD cannot be second guessed.
“After last week's crash, BTC is rallying and cutting people. I am in no rush to take any action and I am not happy to wait for obvious opportunities,” he told X subscribers that day.
“Easy mode was last weeks/months. not now.”
The accompanying chart shows the high, low and average scores currently in play.
Fellow crypto trader Tony, meanwhile, predicts the range will continue, possibly with a floor above $30,000.
“I expect Bitcoin to reach $47,000 to $38,000 in the next few months. More attention will come to Altcoins,” he summarized.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
