Jamie Dimon: “Close it down!” 😡

GM. This is Degen Scoop. It’s Thursday, this is what we’ll be discussing today:

• Jamie Dimon: “Close it down!” 😡

• CZ Pleads Guilty ⚖️

• Bitcoin Market Cap Passes Giants 🐉

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Jamie Dimon Claims The Government Should Shut Down Crypto

JP Morgan Chase CEO Jamie Dimon expressed strong opposition to cryptocurrencies during a Senate Banking Committee hearing, stating that if he were the U.S. government, he would "close it down."

Dimon mentioned concerns about the use of crypto in criminal activities such as money laundering, tax avoidance, and drug trafficking. He emphasized the speed and relative anonymity of digital assets, suggesting they could facilitate illicit activities.

Despite his criticism of Bitcoin and crypto as a whole, Dimon has previously praised blockchain technology and noted that his bank has used it for projects like JPM Coin. Crypto advocates argue that Bitcoin's transparent ledger makes it traceable and that it is not disproportionately used for illegal purposes.

CZ Officially Pleads Guilty

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Former Binance CEO Changpeng Zhao (CZ) has pleaded guilty to charges related to anti-money laundering violations in the U.S. District Court for the Western District of Washington. With an official guilty plea now in the books, it’s unlikely this will have any more effect on the market.

The guilty plea comes after federal regulators conducted years-long probes, leading to Binance agreeing to a $4.3B settlement—one of the largest corporate settlements in history. Zhao agreed to pay a $50M fine and stepped down as Binance CEO.

Last week, he also resigned as chairman of the board of directors for Binance.US, removing his influence from its governance. Zhao has been active on social media, sharing personal experiences and reflections on risk-taking as he is able to again partake in markets in his own time.

Bitcoin Market Cap Surpasses Berkshire Hathaway, Meta, and Tesla

After a sustained period of gains, Bitcoin's market capitalization has surpassed that of Berkshire Hathaway, Meta, and Tesla. Currently ranked as the seventh most valuable traded asset globally, Bitcoin's market cap stands at $859B, with a price of $43,910. Bitcoin will be steadily going up the list over the bull and we’re very much here for it.

This places it ahead of Meta ($820.7B), Tesla ($771.5B), and Berkshire Hathaway ($767.6B). Bitcoin's next target is Nvidia, which has a market cap of $1.153T. To surpass Apple and become the most valuable traded asset, Bitcoin would need to exceed $153,000, according to current market cap calculations.

As the speculation on the approval of a spot Bitcoin ETF continues, we’ll likely see continued appreciation as the masses try to frontrun the opportunity. Until then, Bitcoin will be waiting for its day.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.