Bitcoin has surged to a new all-time high, exceeding $70,000 per bitcoin this week amidst growing bullish sentiment. The cryptocurrency has experienced a remarkable 350% increase since dropping to $15,000 per bitcoin in late 2022, largely attributed to BlackRock’s interest in a potential $90 trillion bitcoin market.

Speculation has been circulating about a possible hidden bitcoin bid from a sovereign entity, prompting JPMorgan’s CEO, Jamie Dimon, to retract his previous negative stance on bitcoin. Dimon, who once advocated for shutting down bitcoin, has now acknowledged people’s right to invest in the cryptocurrency amid a predicted $1 million bitcoin price surge.

Despite his personal reservations about bitcoin, Dimon has led his bank in developing a blockchain platform inspired by bitcoin known as Onyx. The recent surge in bitcoin price has been driven by the approval of multiple bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), leading to optimistic forecasts from industry experts like Cathie Wood, who now predicts a $1 million bitcoin price by 2030.

While celebrating the success of bitcoin, Dimon remains cautious about the possibility of a U.S. recession, emphasizing the importance of monitoring economic indicators closely. He believes that a “soft landing” scenario, where the Federal Reserve controls inflation without causing a downturn, is likely this year but warns of potential risks such as stagflation due to the ongoing pandemic and global economic uncertainties.

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