economy could tip into recession in six to nine months. Once that music stops, then we’re going to be in real trouble. by Kevin Helms JPMorgan CEO Jamie Dimon Warns Recession Could Hit in 6 Months, Stock Market Could Drop 20 More This Is Serious Stuff The CEO of global investment bank JPMorgan, Jamie Dimon, has warned that the U.S. As long as the music continues to play, it’s great. At time of writing, bitcoin was trading at US29,500 (A41,500). People think they’re getting richer, and that’s fine. One blockchain expert has warned that the world’s top-ranked cryptocurrency, bitcoin, is set to drop down to just US8000 (A11,000) in value. Mobius said early last month on CNBC: “The Bitcoin situation and the cryptocurrency situation is religion. They don’t care whether it’s child prostitution or Bitcoin. Last month, after the FTX collapse, he added, “The country did not need a currency that was good for kidnappers…There are people who think they’ve got to be on every deal that’s hot. Meanwhile, Warren Buffett’s right-hand man Charlie Munger said earlier this year that anyone who sells crypto is either “delusional or evil.”
While Ark Invest founder Cathie Wood thinks the price of Bitcoin could hit $1 million by 2030, JPMorgan Chase CEO Jamie Dimon in October called cryptocurrencies “worthless” and “fool’s gold.” Mobius isn’t alone in the crypto skepticism. The long-time crypto skeptic made similar comments recently while talking to Bloomberg, calling the crypto sector “too dangerous” for himself or for investing on behalf of his clients. “Now, as the Fed is drawing back that cash, the ability for people to play in the market becomes much more difficult,” he added. So there was abundant cash to speculate on crypto coin.”
Bitcoin expert warns of imminent drop cnbc plus#
Mobius also pointed to the Fed to explain the earlier boom in crypto, telling CNBC the central bank’s printing machine was “working overtime so that money supply in USD rose by 40% plus in the last few years. The company said it had “significant exposure” to FTX and “like the rest of the world, found out about situation through Twitter.” Quantum computing has been in development for about three decades now, with governments and some of the biggest companies globally such as Google and Microsoft investing billions of dollars in it. One such company is BlockFi, a cryptocurrency lender and financial services firm that filed for bankruptcy this week. According to one expert, quantum computing threatens Bitcoin more than anything ever has, and the industry must address this urgently. That’s scared investors from holding digital currencies to earn interest, Mobius said.
With the Federal reserve hiking interest rates and tightening its monetary policy, he told CBNC on Thursday, holding or buying cryptocurrencies becomes less attractive.Įxchanges have offered interest rates for crypto deposits, but some have gone bust partly due to the sudden collapse of FTX last month.
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