JPMorgan CEO expects crypto market price cap to hit $5 trillion PlatoBlockchain Data Intelligence. Vertical Search. Ai.

JPMorgan CEO expects crypto market price cap to hit $5 trillion

JPMorgan CEO expects crypto market price cap to hit $5 trillion PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Speaking at the annual meeting of Investment Company Institute (ICI), investment bank JPMorgan Chief Executive Officer Jamie Dimon said before cryptocurrencies get too big, more government oversight is needed.

At face value, such a statement is anti-crypto, but it also implies that the CEO acknowledges the asset class’s market can become bigger, confirming it with his assessment that its valuation can reach $5 trillion despite only being at $1.6 trillion as of press time.

The ICI is a global trade association for regulated funds that include mutual and exchange-traded funds, seeking to promote the interest of mutual funds and their stakeholders and the public understanding of the industry.

A sigh of relief for the crypto market

The crypto market cap endured a very painful period last week, almost being cut in half from its level prior to the “great collapse.”

This was triggered by reports regarding U.S. regulatory concerns, China’s move to ban bitcoin again and Elon Musk making a complete 180-degree turn from cryptocurrencies.

The market, however, made a strong rebound to open the week with bitcoin rallying up to 10%, currently trading at $38,265, and altcoins also recording significant surges with MKR being up by 66% and MATIC by 60% for the last 24 hours.

Dimon’s big expectations

At a time when the general sentiment about the crypto market is low, Dimon seemed to have lifted spirits up with his expectations of a $5 trillion market capitalization for the industry.

The JPMorgan CEO is not a fan of digital currencies and it is a position he maintains up to this day. He even once called Bitcoin a fraud and referred to it as worse than tulip bulbs.

His expectations of the crypto market price capitalization, as expected, came as a surprise, given his take towards the asset class. But it is a welcome development during these times when FUD looms just around the market.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/jpmorgan-ceo-expects-crypto-market-price-cap-to-hit-5-trillion/

Time Stamp:

More from BitcoinerX