Bitcoin
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The bitcoin price has returned to near its all-time, powered by Wall Street’s long-awaited arrival and the growing possibility of a major political and regulatory earthquake.
Now, as Treasury secretary Janet Yellen admits her fears over the future of the U.S. dollar, former U.S. president and 2024 Republican White House race nominee Donald Trump has revealed JPMorgan CEO Jamie Dimon, an arch-bitcoin and crypto skeptic, has “all of a sudden changed his tune.”
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U.S. President Donald Trump met JPMorgan chief executive Jamie Dimon, who has previously slammed … [+]
“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit,” Trump told Bloomberg last month following a private audience in which he met with Dimon and around 80 other business executives that included Citi’s CEO, Bank of America’s CEO and Apple’s CEO Tim Cook and was described by Trump as a “lovefest.”
Dimon has remained a fiercely outspoken bitcoin and crypto critic even as Wall Street began to warm up the technology, calling it a “fraud” and a “Ponzi scheme” in April. Dimon has said that if he was in government, he’d “shut it down,” and branded bitcoin a “waste of time,” calling it a “pet rock” that “does nothing.”
However, Dimon has led JPMorgan in developing and deploying its own blockchain and cryptocurrency, JPM coin, to speed up and reduce the cost of transactions.
Trump also didn’t rule out considering Dimon for 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 the pro-bitcoin and crypto former venture capitalist J.D. Vance as his 2024 running mate.
Trump has leaned into bitcoin and crypto in recent months after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him starkly at odds with the Biden administration’s anti-crypto stance. Trump declared support for crypto 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 top-flight people,” said Trump, who met last month with major U.S. bitcoin mining companies and is being advised by Bitcoin Magazine publisher David Bailey. Bailey has landed Trump as the headline speaker at his Bitcoin 2024 conference in Nashville later this month.
Last month, Trump went on 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 would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, was quoted by the newswire.
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The bitcoin price has roared back since crashing in the aftermath of FTX’s implosion, helped by Wall … [+]
Trump told Bloomberg he’s planning to release another NFT collection after teasing the idea during an event for holders of his mugshot NFTs at his Mar-a-Lago Florida home in May. “The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one because the people want me to do another one. It’s unbelievable spirit. Beautiful,” Trump said.
Trump also reiterated his previous calls for bitcoin and crypto companies to come to the U.S. over China or another country. Trump said in June he wants all the remaining bitcoin to be made in the U.S., claiming it will “help us be energy dominant.”
“If I throw it aside, it’s going to be picked up in another country, most likely China—they’re pretty advanced in that sphere,” Trump said. “It’s a baby. It’s an infant right now. But I don’t want to be responsible for allowing another country to take over this sphere.”
Crypto entrepreneur Justin Sun predicted last week that China is poised to flip on bitcoin and crypto while crypto investor Brock Pierce said it’s only a matter of time before China reopens its digital doors to crypto, calling it “inevitable.”
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