JP Morgan CEO, Jamie Dimon derives no satisfaction from Bitcoin dwindling price

0
  • Jamie Dimon has and is still very bullish on the technology that powers Bitcoin.
  • “Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date,” Jamie Dimon.

The chief executive officer of one of the leading investment banks in the world, JP Morgan Chase, Jamie Dimon was known in 2018 to be anti-Bitcoin predicting that the asset will have a bad ending. The largest asset in the market has indeed declined massively from its all-time high close to $20,000 to the value at $3,540.

While speaking to CNBC recently, the CEO said that he gets no satisfaction from watching Bitcoin price plummet. Jamie Dimon has and still is very bullish when it comes to the technology that powers Bitcoin. Some call the current Bitcoin status a bubble, however, Dimon reckons that the situation does not satisfy him at all, although he has a track record for bashing the cryptocurrency.

He once referred to Bitcoin as a “fraud” and cautioned investors against putting their funds in the asset saying that is they do they going to pay the price. He made the recent remarks while at the World Economic Forum held in Davos where he spoke with CNBC. Damon said that while the technology may not be suitable for areas like trade, it could be revolutionary when it comes to various online databases.

“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”

Bitcoin price technical picture

At press time, Bitcoin is trading at $3,539 after a subtle decline of 0.27% on the day. The asset is trading below both the 50-day Simple Moving Average (SMA) and the 100-day SMA in the hourly range. There is an ongoing bearish trend below the SMA. Most indicators are leaning towards the negative to show that bear pressure is rising. If Bitcoin tests $3,500 support, a bounce is likely to occur and we could see the price approach $3,800 where traders can begin to take profits. Meanwhile keeping BTC above this support is vital to ensure no breakdown extends towards $3,000 in the medium term.

BTC/USD 1-hour chart

 

Get the 5 most predictable currency pairs

About Author