New Hampshire Joins U.S. States Embracing Bitcoin as JPMorgan Softens Stance
New Hampshire has become the latest U.S. state to embrace Bitcoin, allowing up to 5% of its reserves to be held in the cryptocurrency. Meanwhile, Jamie Dimon, CEO of JPMorgan Chase, has expressed skepticism about Bitcoin's value and its potential use by criminals.
Several companies, including Strategy and Metaplanet, are expanding their Bitcoin holdings. This move comes as gold prices have dropped nearly 8% since April 22, while Bitcoin has surged by 18%, indicating a shift in investor sentiment. JPMorgan analysts predict that Bitcoin could gain further ground at gold's expense in the second half of the year.
Several U.S. states are warming to Bitcoin, potentially creating a sustained positive catalyst for it. Arizona, for instance, is launching a Bitcoin reserve and has pledged not to raise taxes this year. This trend follows multiple states announcing plans to establish Bitcoin reserves, aiming to create a 'digital Fort Knox'. Jamie Dimon, while reiterating his personal disapproval of Bitcoin, acknowledged the potential for a digital currency in the future.
JPMorgan will allow clients to buy Bitcoin but will not custody it, indicating a shift in the bank's stance towards cryptocurrencies. As more states embrace Bitcoin and investors shift their sentiment, the cryptocurrency's future looks promising, despite ongoing skepticism from some quarters.
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