Scaramucci Touts Bitcoin Along With Gold, Jamie Dimon Opposes At Risk

JPMorgan CEO Jamie Dimon said that he is concerned about the current fiscal policies and doubts the optimism of the “soft landing” of the market. And although he didn't mention Bitcoin – he promised he wouldn't – American financier Anthony Scaramucci's comments against Dimon's risk suggest that he needs to do “more homework” on the digital asset.

“He's cautious about everything,” Dimon said in an inflation-focused interview with CNBC at the annual Global High Yield and Leverage Finance conference in Miami.

“All these things about QT, fiscal deficits, geopolitics, these things can play out for years,” Dimon said. But they play and have an effect, and we don't know what they are.

Dimon noted that the financial market has the potential to change quickly and confidence in the market is currently high, but cautioned against focusing too much on short-term economic indicators at the expense of understanding long-term trends.

“There is more. [mergers and acquisitions] Talks, equity markets are up, and spreads are nearing historic lows,” Dimon said. “There's a lot of money in chasing high-yield deals, so things are open. Markets are high, people feel it. So far so good. “

In a separate interview with CNBC on Tuesday, SkyBridge Capital founder and managing partner Anthony Scaramucci was asked about Dimon's comments. Scaramucci says JPMorgan's CEO is one of, if not the smartest, person in financial services. Then he went after Dimon's scathing criticism of Bitcoin.

“Jamie is a very smart man. He's smarter than me, so I always listen to him,” Scaramucci said. “Of course, I have a mental problem related to Bitcoin with him.”

Scaramucci said Dimon was one of the few people for whom Google had set up alerts, but blamed the banking billionaire for his understanding of the high-profile cryptocurrency.

“People like Paul Tudor Jones or Stan Druckenmiller or people like Larry Fink who did his homework were probably negative on Bitcoin before they did their homework, so please do more homework,” he said. “It's a one-way ticket to Bitcoin if you do the homework properly to fully understand the asset.”

One of the reasons we should pay attention to reading on Bitcoin, Scaramucci is the upcoming halving on or around April 20th.

“If you look at the last 14 years, you're usually going to quadruple after halving,” he said.

The bitcoin halving marks an event that takes place every four years, when the amount of bitcoins awarded to cryptocurrency miners will be halved. The 64th and final halving will occur in 2140, after which no more bitcoins will be created.

“Bitcoin is trading at $57,000 right now; I'm not sure where it will be on April 20th, but let's say it's at $50,000 when it halves,” Scaramucci said. That is.

“Prices are going up, mainly because there's not a lot of supply,” he said.

Scaramucci pointed to the recently approved Bitcoin ETF and said that the existing supply of Bitcoin was increasing by 12 to 14 times the demand, causing the price to rise.

“And of course, you've got people who don't believe in bitcoin, they're short bitcoin, and so they're going broke right now,” he said. “I think that combination is why you're seeing such great price appreciation.”

Recognizing that he has been humiliated by the markets and politics, the former Trump administration spokesman reiterated his faith in Bitcoin and its potential to outperform gold.

“Gold [is] 16 trillion dollars in assets, and bitcoin has many assets similar to gold,” Scaramucci said. “I would argue that it is better than gold because it is easier to move. At least half of it should be traded. Now it's in the trillions of dollars.

While testifying on Capitol Hill, Dimon made no secret of his disdain for BTC when he told US lawmakers that Bitcoin should be banned.

The right use case for it [crypto] It's criminals, drug dealers, money laundering, tax evasion,” Dimon told lawmakers at a Senate Banking Committee hearing in December. “If I were the government, I would close it.

In January, as the financial world awaited the US Securities and Exchange Commission's approval of a series of bitcoin ETFs, Dimon once again lashed out at bitcoin, saying the digital asset was “worthless.”

Edited by Ryan Ozawa.