Bitcoin Trolling: Jamie Dimon Calls Bitcoin and Crypto Ponzi Schemes
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Despite his aversion to cryptocurrencies, his company provides some crypto services to its clients. A few weeks ago, JPM promises to keep providing these products and services even after the bear market has expunged most of the excitement in the industry.
Dimon is known for being antagonistic and critical of the industry, particularly Bitcoin. In the last few years, the JPM executive has labeled the crypto asset “worthless,” warning investors to steer clear of it.
Speaking at an appearance, the JPM boss noted: “I’m a major skeptic on crypto tokens, which you call currency, like bitcoin. They are decentralized Ponzi schemes.” Dimon further argued that Bitcoin is used in illicit activities, such as money laundering and sex trafficking.
While this has been a recurring narrative across the financial scene, especially in the banking sector. However, it remains to be proven just how true these claims are. Interestingly, banks have been heavily sanctioned for being involved in money laundering on a gigantic scale, while Bitcoin and other cryptocurrencies are transparent, making them open for anyone to access.
Statistics show that cash remains the most used tool by bad actors to carry out illicit activities. Studies show that between 34% and 39% of all currency in circulation is used for illegal activities.
Key Bitcoin Levels to Watch — September 22
Bitcoin printed a double-bottom pattern yesterday after the US Fed delivered a 0.75% rate hike, infusing notable volatility in the cryptocurrency. As is typical in technical analysis, double-bottom patterns are followed by bullish rebounds.
That said, BTC is already in the process of a rebound, with the benchmark cryptocurrency rallying by over 5% today. I believe there’s a likelihood of the regained bullish momentum to continue over the coming days, especially as Fed rate-induced uncertainty no longer rules the market. Are we going to see $21K this week?
Meanwhile, my resistance levels are at $19,600, $20,000, and $20,500, and my key support levels are at $19,000, $18,500, and $18,000.
Total Market Capitalization: $930.6 billion
Bitcoin Market Capitalization: $365.6 billion
Bitcoin Dominance: 39.2%
Market Rank: #1
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