However, a report published by BlackRock last week reveals that Bitcoin is precisely the best choice in this scenario.
In total, six events were analyzed, including the Russian-Ukrainian war, the American banking crisis, the global pandemic, the US elections, the yen carry trade, and the escalation of the US-Iran conflict.
After 10 days from the start of each event, Bitcoin emerged as the winner against stocks and gold 3 out of 6 times. In 60 days, BTC appears as the best performer in 5 out of 5 opportunities, with only the yen case remaining open because it is too recent.
In addition to empty and meaningless attacks, such as that âSatoshi Nakamoto will erase all bitcoins againâ, Jamie Dimon, CEO of JP Morgan, has already called Bitcoin a scam and cryptocurrencies âpet rocksâ. In other words, he is a major critic of the sector.
However, several executives and politicians have already taken a critical view of cryptocurrency and changed their minds. Examples include Michael Saylor, currently the world's largest Bitcoin holder, Donald Trump, former US President, and even Larry Fink, CEO of BlackRock.
So there is hope that Dimon will regret his stance and âbuy Bitcoin at the price it deservesâ after studying the cryptocurrency.
The trigger for this to happen could be the pessimistic view that the CEO of JP Morgan is having about the world. His sentences below were said this Tuesday (24), in conversation with CNBC.
âMy concern is all with geopolitics, which can determine the state of the economy.â
âGeopolitics is getting worse, not better. There is a risk of accidents in the energy supply. God knows if other countries will get involved. There are many wars going on right now,â the executive continued.
In another passage, Dimon calls for the US to prepare for a prolonged war between Russia and Ukraine. Going further, he also predicts a major fall in the markets, pointing out that investors' predictions are wrong.
âIâm a long-term optimist, but in the short term Iâm more skeptical of people who say everythingâs going to be great. The markets are pricing things in as if everythingâs going to be great. Put me on the cautious side of that.â
Experienced, Dimon has been in control of JP Morgan since 2006, before Bitcoin even existed, and is a respected voice in the market. So much so that Donald Trump is considering appointing him as US Treasury Secretary if he wins the presidential election scheduled for November.
Ultimately, it remains to be seen how big a crisis would need to be to illuminate the executive's path to Bitcoin and make him change his mind. Until now, the cryptocurrency's excellent performances have not been enough for him to seek out the bare minimum about the project.
