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‘He’s Changed His Mind’: Trump Reveals ‘Sudden’ Bitcoin and Crypto Price Reversal by JPMorgan CEO Amid Huge Price Surge
Bitcoin
Bitcoin
has skyrocketed in the last year as CEO of world’s largest asset manager, BlackRock, admits he was wrong about Bitcoin.
The price of bitcoin has returned close to its all-time high, fueled by the long-awaited arrival of Wall Street AND the growing possibility of a major political and regulatory earthquake.
Now, as Treasury Secretary Janet Yellen admits her fears about the future of the US dollarFormer US President and 2024 Republican candidate for the White House, Donald Trump, has revealed that JPMorgan CEO Jamie Dimon, a vocal supporter of bitcoin and cryptocurrencies, has “suddenly changed his mind.”
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ForbesProject 2025 Has Set Up Bitcoin for a $16 Trillion Showdown with Gold
US President Donald Trump met with JPMorgan Chief Executive Jamie Dimon, who had previously criticized … [+] bitcoin, cryptocurrencies in the midst of their huge price swings, and about 80 other major CEOs last month.
© 2017 Bloomberg Finance L.P.
“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his mind a little bit,” Trump said. said Bloomberg last month, after a private audience in which he met with Dimon and about 80 other corporate executives, including Citi CEO, Bank of America CEO and Apple CEO Tim Cook, was described by Trump as a “love fest.”
Dimon has remained a fiercely outspoken critic of bitcoin and cryptocurrencies even as Wall Street began to heat up on the technology, calling it a “fraud” and a “Ponzi scheme” in April. Dimon has said that if he were in government, he would “shut it down” and has branded bitcoin a “waste of time,” calling it a “pet rock” that “doesn’t do anything.”
However, Dimon led JPMorgan in developing and implementing its own blockchain and cryptocurrency, JPM coin, to speed up and reduce transaction costs.
Trump has not ruled out considering Dimon as U.S. Treasury secretary if he retakes the White House in November, saying he has “a lot of respect for Jamie Dimon.” JPMorgan declined to comment on Trump’s remarks when asked by Reuters.
This week, Trump named former venture capitalist JD Vance, a bitcoin and cryptocurrency advocate, as his running mate for the 2024 election.
Trump has turned to bitcoin and cryptocurrencies in recent months after making millions from a series of cryptocurrency-based digital trading cards, non-fungible tokens (NFTs), and striking a contrast with the Biden administration’s anti-crypto stance. Trump declared his support for cryptocurrencies in late May and began accepting campaign donations in bitcoin and a handful of other cryptocurrencies.
“I’ve gotten to know people in the industry, they’re high-level people,” said Trump, who met with major U.S. bitcoin mining companies last month and was advised by Bitcoin Magazine editor David Bailey. Bailey has brought Trump in as a keynote speaker at his Bitcoin 2024 conference in Nashville later this month.
Last month, Trump launched a crypto charm offensive during a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya last month, it was reported by Reuters. “He said he was going to be the president of cryptocurrencies,” Trevor Traina, a San Francisco tech executive and former Trump ambassador to Austria, was quoted by the news agency as saying.
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Bitcoin price has risen again after the crash caused by the FTX implosion, helped by Wall Street… [+] The Street’s long-awaited arrival in the world of bitcoin and cryptocurrencies.
Forbes Digital Assets
Trump told Bloomberg that he plans to launch another NFT collection after teasing the idea at an event for owners of his mugshot NFTs at his home in Mar-a-Lago, Florida, in May. “The entire collection sold out: 45,000 of the cards. And I did it three times. [and] “I’m going to do another one because people want me to do another one. It’s an incredible spirit. Beautiful,” Trump said.
Trump also reiterated his previous calls for bitcoin and cryptocurrency companies to come to the U.S. instead of China or another country. Trump said in June that he wants all remaining bitcoin to be produced in the U.S., arguing that it will “help us be dominant in the energy industry.”
“If I throw it away, it will be taken up again in another country, most likely China, they are pretty advanced in that sphere,” Trump said. “It’s a baby. It’s a newborn right now. But I don’t want to be responsible for allowing another country to take over this sphere.”
Cryptocurrency entrepreneur Justin Sun Last week he predicted that China is ready to change course on bitcoin and cryptocurrencies while cryptocurrency investor Brock Pierce said it is only a matter of time before China reopens its digital doors to cryptocurrencies, calling it “inevitable.”