'CryptoDad' Sees '$50-100B Bitcoin ETF Inflows,' While Jamie Dimon Cautions Against BTC's Use For 'Sex Trafficking'
Portfolio Pulse from Khyathi Dalal
Chris Giancarlo, former CFTC chairman known as 'CryptoDad', predicts $50-100 billion inflows into Bitcoin ETFs, with a potential $5 billion in AUM for approved ETFs like BlackRock's within a month. J.P. Morgan CEO Jamie Dimon, however, remains critical of Bitcoin, citing its use in illicit activities despite J.P. Morgan being an authorized participant for BlackRock's spot Bitcoin ETF. The European Central Bank has labeled Bitcoin a 'speculative asset', but interest in spot Bitcoin ETFs remains high.
January 10, 2024 | 8:32 pm
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J.P. Morgan's CEO Jamie Dimon criticized Bitcoin's value, but the bank is an authorized participant for BlackRock's spot Bitcoin ETF, indicating a potential conflict between the CEO's stance and the bank's actions.
While Jamie Dimon's negative comments on Bitcoin could create some negative sentiment, J.P. Morgan's involvement in BlackRock's spot Bitcoin ETF suggests the bank is still engaging with the cryptocurrency space. This mixed message may lead to a neutral short-term impact on JPM's stock as investors weigh the CEO's views against the bank's business activities.
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