Jamie Dimon, CEO of JPMorgan reckons that cryptocurrency is a “scam”: Bitcoin price resumes the uptrend

  • Dimon “suggested governments may move to shut down the currencies [cryptocurrency], because of an inability to control them.”
  • Bitcoin price has broken intraday support levels, but a recovery is in progress above $6,900.

The CEO of JPMorgan, Jamie Dimon is reported to have bashed cryptocurrencies again referring to them as “scam.” Bloomberg reported on Sunday 5 that Dimon said that he does not have “interest” in the virtual currencies.

He said this while speaking at the Aspen Institute’s 25th Annual Summer Celebration Gala, which was held on Saturday 4. I his speech Dimon shared his opinions on the outlook of the economy of the United States. Mainstream press alongside other respected economic sources redistributed Jamie Dimon’s message online. Bloomberg reported that Dimon “suggested governments may move to shut down the currencies [cryptocurrency], because of an inability to control them.”

Jamie Dimon’s relation with cryptocurrencies and especially Bitcoin has been a shaky one since his statements in September 2017. He referred to Bitcoin as a “fraud” but later said that he “regretted” the terms he used. Since then Dimon has been refusing to comment on Bitcoin and cryptocurrencies.

Bitcoin price analysis

Bitcoin price extended the declines below the support level at $6,900. Although it is currently trading above this level, it has recovered from a dip supported at $6,880. There is a bullish trend at the time of writing, besides the technical indicators are showing bullish signals for the short-term. The stochastic is making its way out of the oversold region while the moving average gap is closing in on the 15-minutes timeframe chart. Resistance will be encountered at $6,930, moreover, there are a couple of critical supply zones at$6,940 and $6,980.

Read more on Bitcoin price analysis

BTC/USD 15-minutes

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News


Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast