David Sacks, the White House-appointed ‘Crypto Czar,” said Wednesday he tried convincing JPMorgan Chase & Co. JPM CEO Jamie Dimon of Bitcoin’s BTC/USD value.
What happened: During an interview with Fox Business, Sacks was asked about Dimon’s persistent skepticism about the world’s leading cryptocurrency.
“I’ve talked to him about this before,” Sacks said. “What I’ve explained to him is that cryptocurrency is a new type of asset. It’s a fundamental technology breakthrough.”
Sacks said that the idea of a digital currency being scarce was unprecedented, referring to Bitcoin’s 21 million hard cap.
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Why It Matters: Sacks’ remarks come only days after Dimon said that JPMorgan will enable clients to buy Bitcoin but will not provide custody services.
Dimon, a longtime critic of Bitcoin, believes that the leading asset lacks intrinsic value and is primarily utilized by criminals.
He has even suspected Bitcoin’s scarcity narrative, asking how the 21 million supply cap was determined.
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The bank reported holding shares of spot Bitcoin exchange-traded funds, including iShares Bitcoin Trust ETF IBIT and Fidelity Wise Origin Bitcoin Fund FBTC, as per the latest 13F filing.
Price Action: At the time of writing, BTC was exchanging hands at $111,437.36, up 3.56% in the last 24 hours, according to data from Benzinga Pro.
Shares of JPMorgan were up 0.03% in after-hours trading after closing 1.75% lower at $261.04 during Wednesday’s regular trading session.
JPM ranked high on the momentum and growth metrics as of this writing. To check out how other banking stocks stack up, visit Benzinga Edge Stock Rankings for more details.
Photo Courtesy: lev radin on Shutterstock.com
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