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Edward Snowden, the former National Security Agency contractor, took a jab at Jamie Dimon, CEO of JPMorgan Chase & Co, over his stance on Bitcoin BTC/USD , as the cryptocurrency hits all-time highs.
What Happened: Snowdens post on X, formerly Twitter, on Monday, came in response to Dimons earlier remarks about Bitcoin.
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On Monday, Dimon criticized bitcoin, highlighting its usage in illegal activities like sex trafficking and terrorism. Despite defending individuals rights to engage with the cryptocurrency, he stated his personal aversion to investing in it, reported Reuters.
I dont know what the bitcoin itself is for, but I defend your right to smoke a cigarette, Ill defend your right to buy a bitcoin, said Dimon, according to the report. I wont personally ever buy a bitcoin.
Despite his personal disinterest in Bitcoin, Dimon had acknowledged the demand from clients and had even offered Bitcoin-centric financial products, as per a 2021 Benzinga report.
Why It Matters: Bitcoin surged past $70,000 on Monday, marking a new all-time high, indicating a strong uptrend in the cryptocurrency market. Ethereum ETH/USD also joined the rally, crossing $4,000. Factors driving the surge include the London Stock Exchanges acceptance of Bitcoin and Ether ETNs, institutional investor interest, and Bitcoins outperformance of stocks amidst Asian market downturns. This
Snowdens attempted to highlight the irony of Dimons stance on Bitcoin. Despite his personal disapproval of the cryptocurrency, JPMorgan has been actively involved in Bitcoin-related activities due to client demand.
This isnt the first time Snowden has criticized Dimon over his Bitcoin remarks. Earlier in January, Snowden had mocked Dimon following the SECs approval of a Bitcoin ETF.
Price Action: At the time of writing, Bitcoin traded 6.25% higher at $72,327.05, according to Benzinga Pro data.
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