Jan 17, 2024

JPMorgan Hates Bitcoin 🏦🧰🏛️


JPMorgan Hates Bitcoin 🏦🧰🏛️Valko

Top News

🏦 Jamie Dimon’s "personal advice" is not to get involved with Bitcoin

🧰 Ethereum developers deploy Dencun upgrade on Goerli testnet

🏛️ IRS will not enforce the $10k crypto tax rule — for now

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Specs’ Insights

⌐◪-◪ → Jamie Dimon got triggered on CNBC when asked about Bitcoin, saying he's done talking about this "stuff."

There were a number of interesting moments during the interview — so definitely give it a watch. A few highlights:

Jamie said Bitcoin's only use cases are: money laundering, fraud, tax avoidance, and sex trafficking. This isn't only wrong, but it's incredibly ironic considering JPMorgan settled with Epstein's victims for $290M after they ignored obvious red flags.

Later in the interview, Jamie even suggested that Bitcoin's supply cap isn't real, saying that Satoshi — whose name he cannot pronounce — is going to appear out of thin air and increase the supply.

Anyway, Jamie Dimon is definitely not doing us any favors. All he's doing is talking about Bitcoin negatively and calling it a pet rock, while simultaneously profiting from his role as the authorized participant for BlackRock's ETF.

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⌐◪-◪ → Ethereum's core developers just deployed the long-awaited Dencon upgrade, adding proto-danksharding (EIP-4844) on the Goerli testnet. If all goes well, we could see a mainnet deployment in mid to late march.

Proto-danksharding — or ephemeral blobs — allow for the temporary storage and access of off-chain data by Ethereum nodes, reducing storage demands and lowering transaction costs for Ethereum dApps.

While there was a minor issue finalizing the upgrade, Ethereum core developer Parithosh Jayanthi confirmed that the chain was finalizing again, and the issue, which is now patched, was a minor one.

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IRS Says It Won't Enforce $10K Crypto Tax Rule—For Now - Decrypt

The tax law would require business-related crypto transactions over $10,000 to be reported like cash, but it's not quite ready yet.

⌐◪-◪ → THANK GOD! The treasury and IRS just announced that businesses do not have to report the receipt of digital assets >$10k until they issue new regulations.

This is obviously a positive for the space, given the rule's questionable constitutionality, impossibility of compliance, and the general breadth of reporting. I mean seriously, think about all the paperwork the rule would require.

It's very refreshing to see the general tone out there, with regards to crypto regulation, is one that demands clarity from the authorities - who have been vague for far too long.

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Everything Else

⛓️ Crypto & DeFi

  • Bitcoin correlation with Gold at near all-time high post-ETF approvals

  • Vitalik says L2s using Celestia are validiums, not rollups

  • Blast L2 launches testnet and teases airdrop to lure developers

  • Socket says Bungee’s bridge protocol was exploited for $3.3M

  • ZenLedger partners with AI-powered software, April, for crypto taxes

  • Solana reveals Saga 'Chapter 2' phone after initial sellout

  • AltLayer to launch native token with airdrop for early users

  • Cobie lays out his investment thesis for Blast L2

  • Blast launches testnet dApp competition

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

🌎 Rest of the World

  • Gemini obtains virtual asset service provider approval in France

🖼️ NFTs & Metaverse

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