• Bitcoin has seen a 15% increase in price over the past week, currently trading at $22,709.
• JPMorgan Chase CEO Jamie Dimon has been an antagonistic opponent of Bitcoin for over six years, calling it a “fraud” and a “waste of time”.
• Despite this, cryptocurrencies remain bullish about their prospects in the long run.
The crypto winter has been a trying one for proponents of cryptocurrencies, but it appears that the tides may be turning. After a dismal 2022, the price of Bitcoin, the most popular cryptocurrency in the world, has been inching upward over the past few weeks. According to data from Coingecko, Bitcoin is trading at $22,709 at the time of writing, an increase of 15% over the past week.
Despite this, one of the most vocal critics of Bitcoin, JPMorgan Chase CEO Jamie Dimon, remains unconvinced of the crypto’s performance. Dimon has held an antagonistic stance against Bitcoin since as far back as September 2017, claiming that it is a “fraud” and that it will “blow up”. Last week at the World Economic Forum in Davos, Switzerland, Dimon dismissed cryptocurrencies as having no real worth, calling it a “waste of time”.
However, despite the criticism from JPMorgan’s top honcho, proponents of cryptocurrencies are still bullish about their prospects in the long run. Bitcoin has seen a steady increase in price over the past few weeks, which may indicate that the winter is ending and the crypto market is on the path to recovery.
It remains to be seen whether Bitcoin will be able to break out of its slump and reach the astronomical prices that it had seen in 2017. For now, proponents of cryptocurrencies are optimistic that the market will gain some traction in the near future. Time will tell whether they are right.