Dimon highlighted that the government should introduce regulations to control cryptocurrencies regardless of what others think about them. Although he admitted that the value of Bitcoin could increase ten times within the next five years, he does not care.

The CEO of JPMorgan, Jamie Dimon, believes that Bitcoin does not have any intrinsic value. The executive added that the government could introduce regulations to control cryptocurrencies at any time.

American billionaire businessman Jamie Dimon has been the president of the JPMorgan bank since 2005. Before that, he had served on the board of directors of the Federal Reserve Bank of New York.

Curiously, Dimon is not part of the board of directors at another publicly-traded company.

Dimon recently created a unit for blockchain projects and highlighted that it is necessary to introduce regulations. In this sense, he said the government would control cryptocurrencies regardless of what others think about them.

He added that he is not a fan of Bitcoin and restated that there must be a legal framework around cryptocurrencies.

Dimon Believes that Bitcoin is Useless and Worthless

It is not the first time that Dimon has claimed to be against the pioneering cryptocurrency. He has been one of the most outspoken skeptics about Bitcoin on Wall Street.

In a television interview with Axios, he expressed that he believes the crypto asset has no intrinsic value. Likewise, he told the Times of India that he would not be worried if the price of Bitcoin skyrocketed further.

He admitted that he is aware that its value could go up ten times within five years. However, he said that he did not care about that.

Then he added that he believes that someone who borrows money to buy Bitcoin is a fool. He recently said that at the Global Financial Industry Association that Bitcoin is worthless.

Although Dimon does not estimate Bitcoin, he noted that adult investors could use their money as they pleased. In that sense, he explained that he does not want to be a spokesperson about it.

For years, the traditional financial sector has viewed the world of cryptocurrencies with suspicion. Most leaders in the banking industry have expressed their distaste for this new technology, denying its possibility to replace fiat money in the long run.

Despite the advances that the cryptocurrency world has experienced, some of them seem to maintain that position. The CEO of JPMorgan is only one of the cases of banks that recommend not investing in Bitcoin.

Some Businessmen React to the Comments From Dimon

The CEO of MicroStrategy, Michael Saylor, commented that institutions and bankers are amid the most critical issues in their careers. That billionaire entrepreneur has dared to invest large amounts of money in Bitcoin as a store of value.

Anthony Pompliano said that the comments from Jamie Dimon did not alter the value of the cryptocurrency. Quite the contrary, the pioneering cryptocurrency exceeded the USD 60,000 barrier, as many analysts had predicted.

Bitcoin is currently trading at around USD 60,950 and has accumulated a 12.6% profit in the last week, according to CoinGecko. Its daily trading volume is above USD 38 billion, while its market capitalization is approximately USD 1,148 billion.

By Alexander Salazar

A survey revealed that investors lost $ 10,000 to the Finiko pyramid scam.

Investors scammed by Russia-based crypto Ponzi scheme Finiko sent an average of more than 720,000 rubles (over $ 10,000) per person to the pyramid scheme, a survey revealed.

According to the medium Bitcoin.com, while the losses officially recorded for Finiko have reached 1 billion rubles (about USD 14 million), some estimates suggest that the total is likely to exceed USD 4 billion (i.e., USD 56 million).

According to Chainalysis, the Ponzi scheme received more than 1.5 billion rubles (more than $ 21 million) in bitcoins in less than two years.

Citizens of Russia, other countries in the European Union and the United States of America are among the people who sent 800,000 deposits to Finiko.

Around 3,300 Victims Got Identified, but the Actual Number Would Be higher

Due to the scale of the crime, the Interior Ministry in Moscow took over the police investigation in Tatarstan, where Finiko resides, and several of its most relevant members got arrested.

At least 200 of the scammed investors have already filed complaints with the Federal Foundation for the Protection of the Rights of Investors and Shareholders, a non-profit organization in Russia, according to reports made by the local media. Marat Safiulin, director of the foundation, 154 affected got surveyed by phone about their investments.

The foundation highlighted that the average financial loss per investor amounts to 724,000 Russian rubles (more than $ 10,000) according to a series of comments.

At least 22% of investors lost amounts that surpassed 1 million rubles (almost $ 14,000), and another 73% sent Finiko at least 300,000 rubles each (more than $ 4,000). More than half of the surveyed victims retired their loans to invest in the Ponzi scheme.

How Finiko Got Promoted

Finiko promoted itself as an automatic profit-generating system. The pyramid was offering people massive profits if they sent their money.

Investors could use the fast, high yields of up to 30% to cover a loan, purchase a car or property at discounted prices, or withdraw cash when needed.

Finiko’s offices in the capital of Tatarstan, the city of Kazan, were first registered in December 2020. Its activities got assigned by the Central Bank of Russia due to some signs of a pyramid scheme in June this year. Despite that, the scam kept bringing in new investors.

The Ponzi scheme stopped dealing with payments in July and eventually crumbled down. The police in the Russian Republic of Tatarstan have already detained various high-ranking Finiko representatives, including the pyramid’s founder, Kirill Doronin, two of its vice-presidents, Ilgiz Shakirov, and Dina Gabdullina.

A series of arrest warrants also arrived for three of Doronin’s associates, Zygmunt Zygmuntovich, and Marat and Edward Sabirov, who managed to abandon the Russian Federation before the investigation started in July.

It is worth remembering that many pyramid schemes are operating today. Therefore, it is vital to be aware of a company that offers extraordinary profits with crypto. It is best to make good research before investing in a failed scheme.

By: Jenson Nuñez

A lawyer submitted a notice to the Prosecutor’s Office about the falsification of his identity in the app. When calling Chivo, they only ask for personal data and provide a case number for follow-up.

Chivo, the wallet created by the government of El Salvador to store and manage bitcoins (BTC), keeps presenting new problems without a response from the authorities, according to the most recent complaints.

According to the local newspaper ElSalvador.com, there is no way to communicate with the creators of the app, even though the demands for identity falsification are growing, a problem that many Salvadorans have been trying to solve for weeks.

In Chivo’s social networks, there is no support to attend complaints and irregularities that users comment. When trying to communicate with the Consumer Defender that is the state agency, there are no clear answers, the news portal said.

In fact, in the Ombudsman’s Office, the first option given to callers to report the situation with the digital wallet is to contact the Chivo Call Center directly. But the contact is unsuccessful. Supporters only take the personal data of the complainant and provide a case number to follow up.

The second option of the Ombudsman’s Office is to fill out a form by phone or through its website, where the facts must get detailed. The representatives don’t seem to attend a personal complaint. They gather a collective notice that would arrive at the technical support of the company.

Ultimately, and as many users do before the little response of the Ombudsman, it is to ask directly to the Attorney General of El Salvador to attend the demand.

All of these failures occur when the majority of the complainants express that they cannot get hold of the $ 30 bonus in BTC that the government gave because others kept their money.

Scammers in El Salvador steal Identities in Chivo Wallet

Salvadorans fell victims to cyber fraud related to the Chivo Wallet. The locals reported in various networks that their data got used by third parties to enter the wallet and steal funds.

The fact is that Salvadoran personalities have echoed the situation. There is the case of the local lawyer Enrique Anaya, who yesterday Monday revealed the news to the Prosecutor’s Office regarding the unauthorized use of his Unique Identity Document.

The local lawyer also shared how this document should get filled out for those who want to do the same.

The Prosecutor’s Office is the one that must investigate what crimes have happened and ask them to request from the company CHIVO, SA de CV all the documentation and information with which the registration got created in the application: DUI.

The requirements are photo, phone number, and other operations performed with your name.

The lawyer recommended that people who have also suffered usurpation of their data report the situation to the Consumer Defender, present a notice to the Prosecutor’s Office and request the cancellation of the account in Chivo.

By: Jenson Nuñez

Timmer believes that short-term speculators have not driven the rise in the price of the cryptocurrency. The analyst recommends that investors have a diversified portfolio that includes some BTC.

The director of global macroeconomics at mutual fund company Fidelity Investments, Jurrien Timmer, recently spoke about Bitcoin. He expressed that he believes that the rally that its price is experiencing will continue for two years. He bases his analysis on the supply and demand model to predict that the cryptocurrency will hit USD 100,000 in 2023.

Various media outlets have consulted Timmer about his perspective on the market and his opinion on the Bitcoin rally. The price of the first cryptocurrency on the market recently exceeded USD 60,000 after six months and is approaching its all-time high.

Timmer has commented on the more than 30% rally that the value of Bitcoin has experienced so far in October. He believes that that increase is due to the growth of long-term storage of the crypto asset.

According to Timmer, it is not short-term speculators who have fueled this Bitcoin bull run. For that reason, he is confident that it is a sustainable measure and not a bubble that is about to burst.

Timmer Believes that the Price of Bitcoin Will Continue to Grow

The director of Fidelity firmly believes that enough fundamentals indicate that the trajectory of Bitcoin has changed and its price will not stagnate. Therefore, he believes there are many reasons for investors to include a bit of Bitcoin in a diversified portfolio.

The executive considers that Bitcoin is as efficient as the 60/40 rule known to be the favorite of many. That consists of 60% stock and 40% fixed income, where the former provides growth potential and the latter provides security.

Jurrien Timmer explained that a 1% allocation in BTC under the 60/40 strategy only adds about one percentage point of volatility per year. He says that if the investor accumulates Bitcoin long enough, his money will grow like nothing else. He suggests having a diversified portfolio for when prices move back as there may be a temptation to run away.

Optimism about the Increase in the Price of Bitcoin Grows Among Analysts

Timmer is not the only analyst who has been confident about the price of Bitcoin. Previously, the stock-to-flow (S2F) valuation model has allowed making optimistic predictions of future movements in the value of the cryptocurrency.

The creator of that model, Plan B, has said that the price of Bitcoin could reach or exceed USD 100,000 by the end of 2021. He predicted in early October that the value of the cryptocurrency by the end of the month would be USD 63,000.

According to the S2F model, Bitcoin is a store of value like gold or silver, as it maintains its long-term value due to its scarcity. Under that principle, Plan B correlates the stock (amount of assets available) with the flow (amount of Bitcoin mined annually). In that way, he makes projections of where the price of the pioneering cryptocurrency could go.

By Alexander Salazar

Investment provider ProShares will finally launch its ETF after many unsuccessful attempts by investment companies. Analysts believe that this could lead to the approval of other ETFs based on the market value of BTC.

The US Securities and Exchange Commission (SEC) recently approved a Bitcoin (BTC) futures exchange-traded fund (ETF). That is the prospectus presented by investment provider ProShares, whose ETF will launch next week.

That comes after investment companies have made unsuccessful attempts at the SEC for years. Those companies wanted to expand their offer for institutional investors, which will finally be a reality next week.

In that way, the United States finally has its first Bitcoin ETF issuer. They will offer a Bitcoin futures exchange-traded fund where people can trade securities for future contracts. In other words, the parties will have to buy or sell an asset such as Bitcoin within a specified time at an already agreed price.

Five commissioners from the SEC recently met and decided to approve the application. That investment provider had filed the request with that government agency last summer.

The Journey that Bitcoin ETFs Have Had to Take

The ecosystem has turned its attention to Bitcoin ETFs and the SEC for a significant time. The government entity had postponed the verdict on four other approval requests until recently. However, there has been expectation about what could happen on dates like next October 18^th.

Experts noted that this could be the start for the approval of a Bitcoin ETF based on the market value of the crypto asset. The market reacted with the rise in the price of the pioneering cryptocurrency above the USD 60,000 barrier. Rumors about the possible approval that began to circulate contributed to that happening.

Bitcoin’s value recently exceeded USD 60,000 for the first time in six months, approaching its all-time high. That comes as investors are confident that the SEC will approve an exchange-traded fund (ETF) based on Bitcoin futures next week.

After rebounding from USD 57,125, the price of BTC reached USD 60,948 at the time of writing. The value of BTC is less than 8% from its most recent all-time high of USD 64,642 on April 14^th.

The SEC Chairman Gives His Support to Bitcoin Investors

The SEC chairman is keen to get involved in helping investors get closer to Bitcoin, which analysts see as positive. Gary Gensler had recently said that the agency that he chairs has sufficient authority to regulate cryptocurrencies.

The official said the government agency has enough power to regulate the cryptocurrency sector. For that reason, he states that they do not need to wait for congressional authorization.

Once again, Bitcoin has proved to be capable of rebounding from its worst drops and returning to its all-time highs. The approval of that ETF by the SEC is just the first of many others. It is only a matter of time before the use of Bitcoin becomes widespread in the United States.

By Alexander Salazar

Miami would propose a bill to create that payment mechanism, which would allow paying fees and taxes with Bitcoin.    The official stated that he wanted Miami to differentiate itself as a crypto capital in the United States and the world.

The Mayor of Miami, Francis Xavier Suárez, said the plan to pay city employees with Bitcoin is moving forward. He highlighted that allowing them to receive their salaries in the cryptocurrency is a high priority for the city.

The official announced that Miami would propose a bill to help create that payment mechanism. That would allow residents to pay fees and taxes with Bitcoin.

In early February 2021, Suárez expressed that he wanted the employees of Miami to collect their salaries in Bitcoin. The mayor promised that MiamiCoin, the local cryptocurrency, would help eliminate homelessness and increase the police force.

The Mayor of Miami, Francis Suárez, Reveals the Progress of the Plan

Francis Suárez stated that he had not forgotten his proposal to pay the employees in the city with Bitcoin. The mayor said that he wanted his city to differentiate itself as a crypto capital in the United States and the world.

Furthermore, Suárez said that his main priority is to enable Bitcoin as a payment option for government salaries, taxes, and citizen fees. Throughout the year, he has expressed his interest in making Miami the top crypto city in the country.

In late September, he said that he hoped that residents could pay their taxes with cryptocurrencies from October.

The strategy of Suárez is not simply to adopt Bitcoin to pay wages and collect taxes, but it goes further. A few weeks ago, he made a general appeal to miners to settle in the city, offering them various benefits.

A Proposal for Miami to Invest Part of Its Funds in BTC

Under his leadership, in late 2020, Miami submitted a proposal to allow the city to invest in Bitcoin. However, the limitations of the Florida Statutes do not allow local governments to own volatile assets like cryptocurrencies.

Suárez stated that they could have kept it from the moment he put the resolution on the agenda. The official said it would have increased by 30% or 40%, making him a genius.

The Mayor Invited Chinese Bitcoin Miners to Settle in Miami

In June, the mayor of Miami, Francis Suarez, offered the spaces of his city to Bitcoin miners expelled from some Chinese provinces. He told them that the city has the infrastructure to generate electricity using renewable and non-polluting sources.

The actions by China against Bitcoin mining in provinces like Inner Mongolia and Xinjiang are causing uncertainty. The owners of the digital farms had to abandon their activity within the following two months. Those two areas concentrated 48% of the total computing power of Bitcoin.

Some regions with low energy costs, with politicians open to cryptocurrencies, such as Texas, could receive the diaspora. Other cities with the same characteristics, like Wyoming and Miami, said that they could accept them.

By Alexander Salazar