Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Chris Giancarlo, ex-CFTC chairman and commonly known as "CryptoDad," has predicted "$50-100 Billion Bitcoin ETF inflows."
Giancarlo made the statement in an interview with Best Execution, meanwhile, J.P. Morgan (NYSE: JPM) CEO Jamie Dimon took a contrary view in an interview with Fox Business, saying Bitcoin has "no value" and listing "sex trafficking, tax avoidance, anti-money laundering, terrorism financing" as its use cases.
NEW: JP Morgan CEO Jamie Dimon says "#Bitcoin doesn't have value."CryptoDad Chris Giancarlo Predicts A "Tipping Point" For BitcoinMeanwhile, JP Morgan is an authorized participant for BlackRock's spot #Bitcoin ETF pic.twitter.com/W5MWONMOOE
— Bitcoin Magazine (@BitcoinMagazine) January 10, 2024
The two separate interviews showcased that the opinions of prominent figures in finance could not be further apart, ahead of the eagerly awaited spot Bitcoin (CRYPTO: BTC) ETF decision.
“I would not be surprised if within a month, we see as much as $5 billion in AUM funneled into the approved ETFs, with BlackRock definitely being one of the major players,” Giancarlo said. He estimates the allocation of 1-3% of asset managers and financial advisors’ portfolios to this asset class.
Giancarlo added that "the pressure will quickly build for an Ethereum spot ETF" and that he "can’t imagine anything other than a price increase in Bitcoin – above where it’s currently at now."
Also Read: $570B Inflows In Bitcoin Coming? 'This Isn't A Sell The News' Event, Says Alex Becker
"There's No Value" Thunders Jamie Dimon
Meanwhile, Dimon doubled down on his long-standing anti-Bitcoin stance, only a month after he said he would "close it down" if he was the government.
Interestingly enough, JPMorgan is an authorized participant for BlackRock’s spot Bitcoin ETF. This could be interpreted as evidence of what Van Eck's Head of Digital Assets Research Matthew Sigel called "hypocritical doublespeak" in a Space on X (formerly Twitter). Fox Business reporter Eleanor Terrett cautioned in the same Space to "watch what these CEOs are doing, not what they are saying."
Additionally, the European Central Bank has recently expressed its view on Bitcoin, categorizing it as a "speculative asset" that does not align with their standards for foreign reserves. Despite this stance, the enthusiasm for spot Bitcoin ETFs continues, with applicants actively competing to reduce fees.
Read Next: VanEck CEO Anticipates Spot Bitcoin ETF To Start Trading Thursday, Bitcoin Holds Above $46,000
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