"Hmm can you believe the warning given by the CEO of JPMorgan?"
Jamie Dimon, the Chief Executive Officer (CEO) of the United States (US) multinational financial giant JPMorgan Chase and a well-known critic of Bitcoin (BTC) has warned of impending doom for the US economy.
This is because the US economy may not be able to survive the ongoing debt problem in its country, where the US national debt has passed an all-time high of a staggering $34.1 trillion.
Recently, Dimon also looked back on what has changed in the economy since 1982 when the US economy had a prime rate of 21.5% and inflation of 12% while the unemployment rate was pegged at 10% and the National Debt was 35% of the Gross Domestic Product (GDP).
Now, the ratio of Debt to GDP exceeds 100% with a projection of 130% by the year 2035, commented Dimon adding that foreigners currently own $7 trillion in US government debt and this means there will be a rebellion.
It is well known that the US economy has not fully recovered from the COVID-19 pandemic, plus the Federal Reserve (Fed) continues to raise interest rates, but has started to slow it down in the past few months.
Following that, Dimon believes that the US economy could be in trouble in the next 10 years if any drastic intervention is not implemented.
Although Dimon, who failed to see the merits of BTC, has advised investors not to buy it, BlackRock CEO Larry remains a strong supporter of the digital asset and institutional investors may now be more interested in buying BTC due to the spot BTC ETF that has already been approved.
Any major impact on the US economy is expected to benefit BTC and other cryptocurrencies in general as proponents such as Michael Saylor consider digital assets to be a key component of economic recovery.
