The price of bitcoin, the largest cryptocurrency by market value, surged above $62,000 on Friday after news that the Securities and Exchange Commission would allow the first bitcoin-linked exchange-traded fund debut.
Bitcoin extended its rally over the weekend, currently trading at around $61,285, according to Coin Metrics.
That, along with other news, like Jamie Dimon calling bitcoin “worthless” and Coinbase announcing plans to launch an NFT, or nonfungible token, platform, dominated this past week. Here are seven key things that happened in crypto.
1. Jamie Dimon says bitcoin is ‘worthless’
Jamie Dimon, JPMorgan Chase chairman and CEO, isn’t a fan of bitcoin. “I personally think that bitcoin is worthless,” Dimon said during an Institute of International Finance event on Oct. 11, CNBC Pro reported.
But, “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he continued. “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”
This isn’t a new stance for Dimon. Recently, he told Axios CEO Jim VandeHei that bitcoin has “no intrinsic value.” And although he thinks bitcoin will be around long term, “I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”