The digital world is transforming in ways we never imagined, and Non-Fungible Tokens (NFTs) are leading the way. Thanks to blockchain technology and NFTs, social media platforms are beginning to experience a new level of engagement. From customizable avatars to augmented reality items, NFTs are giving big tech companies new ideas. This article will explore the potential benefits of using NFTs for social media platforms and the sector’s best practices. In this context, Instagram's experiment with NFTs represents a peculiar…
Jamie Dimon Says Bitcoin Could 10X, But He Wouldn’t Care
Jamie Dimon, CEO of JPMorgan, recently gave an interview to discuss the state of the global economy. When asked about Bitcoin, he expresses total indifference towards the technology, regulation, or price. However, he also acknowledges that it could rise by 1000% within half a decade.
Jamie Dimon: Economy is Fine, Bitcoin is an Afterthought
While speaking with the Times of India, the JPMorgan CEO touched upon America’s default risks, national inflation rates, and his feelings around the crypto regulatory debate.
Regarding the economy, Dimon feels relatively optimistic. “The Delta variant is a wet blanket, but the economy is doing quite well,” he says. He expects US GDP to grow 5-6% within the year, citing increased spending, travel, and confidence in the economy. On this basis, Dimon dismisses US Treasury Secretary Yellen’s fears of default in the US.
Regarding inflation, Dimon acknowledges that it is a “legitimate concern” to many. This is due to the vast amount of “quantitative easing” of the markets. Also, it is due to the fiscal stimulus that world governments have engaged in recently.
However, he believes increased economic growth is “far more important” than keeping inflation rates down. He calls it a “transitory piece” of the current set of financial troubles.
In this regard, Dimon’s indifferent stance on Bitcoin and cryptocurrencies may come as no surprise. On the topic of crypto regulation, he thinks it’s an obsolete subject.
I don’t really care about Bitcoin. And, I think people waste too much time and breath on it… “So, I don’t know if it’s an asset. And, I don’t know if it’s foreign exchange. I don’t know if it’s a currency… I have no idea, and I don’t personally care.
The CEO believes that “it’s” going to be under regulations because “governments regulate just about everything.”
It is unclear whether he was referring to Bitcoin specifically or the entire cryptocurrency space.
“That does not mean it can’t go 10 times in price in the next five years,” he says. “But I don’t care about that.”
Dimon maintains that anybody who borrows money to buy Bitcoin is a “fool.”
Bitcoin’s Place During Economic Hardship
Many cite Bitcoin as a hedge against inflation, particularly during economic downturns. Therefore, it is understandable why Dimon may have no interest in Bitcoin as an asset or a tool. He is optimistic about the economy and so sees no need for it.
By contrast, others such as Michael Saylor call it “the apex property of the human race.” His company– MicroStrategy– regularly invests millions of dollars into Bitcoin at every available opportunity.
Likewise, famous author and multi-millionaire Robert Kiyosaki is using both Bitcoin and Ethereum as an inflation hedge. Envisioning inevitable economic collapse, he stores his value in crypto the same way he is with monetary metals. This is similar to how Turks were using cryptocurrency amid an economic collapse in their country three years ago.