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I Would ‘Close Down’ Crypto If I Were the Government, Says JPMorgan CEO

1 min
Updated by Bary Rahma
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In Brief

  • Jamie Dimon expresses strong opposition to crypto, stating, "I have always been deeply opposed to crypto, Bitcoin, etc."
  • JPMorgan actively engages in crypto forecasts, predicting a 20% drop in BTC's Hash Rate post-April 2024 halving.
  • The forecast highlights a significant decrease, around 72%, from Bitcoin's value over two years ago.
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JPMorgan CEO Jamie Dimon declared his disdain for cryptocurrencies in a recent United States Senate Hearing.

“I have always been deeply opposed to crypto, Bitcoin, etc,” said Dimon.

Jamie Dimon Says No To Crypto

Jamie Dimon has been pushing for crypto regulations for several years. In April 2021, BeInCrypto reported that Dimon addressed crypto while speaking about JPMorgan’s 2020 annual report:

“There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies.”

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Despite Dimon’s comments, JPMorgan has been making regular forecasts on crypto, and especially Bitcoin, in recent times.

On October 12, the investment firm made a more technical forecast, predicting a 20% drop in Bitcoin Network’s Hash Rate after the Bitcoin halving occurs in April 2024.

JPMorgan’s Recent Crypto Forecasts

The Bitcoin halving occurs every four years, reducing Bitcoin miners’ rewards by half. It aims to mitigate inflation.

Meanwhile, it states that the four-year block reward opportunity totals approximately $20 billion. This prediction was based on Bitcoin’s current price.

However, Bitcoin’s price has surged over the past month. At the time of publication, Bitcoin’s price is $43,222.

Bitcoin's Price Chart 1 Month. Source: BeInCrypto
Bitcoin’s Price Chart 1 Month. Source: BeInCrypto

However, it underscores a substantial decrease of around 72% from a little over two years ago.

Read more: How To Open a Bitcoin Account in 3 Easy Steps

Top crypto platforms in the US | February 2024

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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