- Jamie Dimon, the CEO of JPMorgan, called bitcoin worthless and claimed that it encourages illegal activity.
- According to the billionaire banker, a recession is still conceivable and might occur this year.
- He mentioned that foreign conflicts, government debt, and household finances could all have an impact on growth.
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Jamie Dimon has unleashed a new diatribe against bitcoin and cautioned investors about the possibility of a recession occurring this year.
The CEO of JPMorgan stated, “I’ve always said that bitcoin doesn’t have value,” in a recent interview with Fox Business Network. “The real-world applications include financing terrorism, tax evasion, money laundering, and sex trafficking. Not just anyone is purchasing and selling bitcoin.
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One reason cryptocurrencies are so popular is that they allow for anonymous trading and make transactions hard to track down. Previously, Dimon called bitcoin and other cryptocurrency tokens “Ponzi schemes,” called them a “hyped-up fraud,” and said the government ought to shut them down. He also called bitcoin a “pet rock.”
In addition, the billionaire banker expressed caution about the US economy. According to him, historically low unemployment, wage growth, rising home prices, and easier access to credit have all contributed to the pricing in of a soft landing in the equity and credit markets.
“The consumer is in a healthy state,” Dimon stated, but he also expressed his skepticism towards the Goldilocks scenario. He was alluding to expectations that the Federal Reserve’s rate increases will effectively curb inflation without impeding economic expansion.
He stated, “I still believe that there is a greater likelihood of it not being a soft landing than other people.” It’s not too bad. A recession is possible this year, he continued, noting that it might be a light or severe one.
Dimon listed several reasons for his concerns. The government is facing increasing interest payments, rates are still above 5%, consumers’ pandemic savings are probably going to run out this year, and the Federal Reserve hasn’t yet pursued “quantitative tightening” or the reduction of its balance sheet.
Rather than providing a soft landing, “all of those factors may very well push us into recession,” he stated. In addition, Dimon identified ongoing conflicts in the Middle East and Ukraine as geopolitical risks that could have an impact on everything from the price of food, gas, and oil to immigration and economic ties.
The powerful figure on Wall Street expressed doubts that the Fed will lower interest rates as quickly as Wall Street anticipates. He identified several factors that would cause inflation, including the widening fiscal deficit, the government’s massive infrastructure and clean energy projects, the remilitarization of many nations, and the restructuring of international trade.
According to him, price growth may first slow before picking up speed to reach 3% or more, above the Fed’s 2% target rate. He pointed out that this might hinder the central bank from rolling back its rate increases as quickly as anticipated.
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