Bitcoin has reached a new all-time high, soaring over $70,000 per bitcoin this week, with the price surging by 350% since hitting lows of $15,000 in late 2022. Wall Street giant BlackRock’s interest in bitcoin has contributed to this surge, with speculation of a “secret sovereign bitcoin bid” and JPMorgan’s CEO Jamie Dimon changing his stance on bitcoin, now defending people’s right to buy bitcoin.

Dimon, who previously called for bitcoin to be shut down, has now shifted his position amid the rise in bitcoin’s price. He stated that while he may not understand the purpose of bitcoin, he supports individuals’ freedom to purchase it. Despite his personal reservations, Dimon has overseen the development of JPMorgan’s own blockchain called Onyx.

The recent surge in bitcoin’s price has been driven by the approval of bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). This bullish trend has prompted Ark Invest’s CEO Cathie Wood to revise her bitcoin price prediction to $1 million by 2030. Wood emphasized the increased institutional interest in bitcoin, which has accelerated the timeline for achieving her target price.

While the bitcoin price continues to climb, Dimon remains cautious about the possibility of a U.S. recession. He believes there is a 70-80% chance of a “soft landing” this year, where the Federal Reserve can control inflation without causing an economic downturn. Dimon highlighted the uncertainties caused by the pandemic, supply chain disruptions, and stimulus measures, urging the Fed to exercise caution in lowering interest rates.

As the crypto market experiences unprecedented growth, it is essential for investors to stay informed and make decisions based on thorough research and analysis. Stay updated on the latest news and trends in the cryptocurrency space to make informed investment choices.

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