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⚡Trump Eyes Jamie Dimon for Treasury Secretary🇺🇲

Croxroad

19 Jul 2024 — 5 min read

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🥰Trump's Cabinet Plans

Former United States President and current Republican ticket nominee Donald Trump said recently that, if elected, he would consider JPMorgan CEO Jamie Dimon for his cabinet as secretary of the Treasury. He also intends to leave Federal Reserve Chair Jerome Powell in place. Trump’s comments stem from an interview with Bloomberg reportedly conducted in late June and published on July 16. It’s unclear if the former president’s thinking remains the same in the wake of the July 13 assassination attempt.

This appears to be the first time Dimon has been publicly linked to a potential Trump administration. The two have had a somewhat cantankerous relationship in the past, with Trump recently calling Dimon a “highly overrated globalist” in a November 2023 post on Truth Social. For his part, Dimon previously urged people to support Trump opponent Nikki Haley for the Republican nomination. During a recent Bloomberg interview, Trump said he had “a lot of respect for Jamie Dimon” and would consider him for the position of secretary of the Treasury. While this doesn’t necessarily indicate any serious consideration, the fact that Dimon isn’t being ruled out could be cause for concern for the cryptocurrency and blockchain communities.

In a hearing on Dec. 6, 2023, Dimon told Congress that the only true use case for cryptocurrency is “criminals, drug traffickers, money laundering, tax avoidance.” He added, “If I were the government, I’d close it down.” This is despite the fact that JPMorgan has its own blockchain token, JPM Coin. It bears mentioning that Trump has also been negative on Bitcoin and crypto in general in the past as well. Back in 2019, while president, Trump posted a thread on X (then Twitter) expressing his disdain for digital currency: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” He went on to say, “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” Trump’s stance on Bitcoin appears to have softened since then. He’s slated to speak at the Bitcoin Conference in Nashville on July 27.

🪁Analyst Michaël van de Poppe

A closely followed crypto analyst says that Bitcoin (BTC) is going to have a great second half of the year. In a new strategy session, crypto trader Michaël van de Poppe tells his 722,400 followers on the social media platform X that the crypto king should finish 2024 with strength as inflows from exchange-traded funds (ETFs) begin to pick up pace. “Bitcoin aims to continue moving upwards. The highest amount of net inflow from the ETF was established (more than $400 million) in the last month. Gold making a new ATH (all-time high). It’s going to be a great second half of 2024.”

Van de Poppe goes on to say that he envisions the top crypto asset by market cap hitting the $100,000 price tag but does not give a specific timeframe. “The largest amount of net inflow for Bitcoin since the end of June! Despite the negative news, Bitcoin’s price is stable at $65,000 with consistent institutional inflow. It’s only a matter of time before we see Bitcoin at $100,000.” The analyst notes that while BTC looks poised for a breakout during the second half of 2024, it is still lagging behind gold because of the recent Mt. Gox BTC sell-off.

Van de Poppe says that if it weren’t for the sell-off, BTC would be at an all-time high. “BlackRock mentioned that Bitcoin is a hedge against global uncertainty. The yields have continued to fall substantially, through which gold has made a new ATH. BTC is lagging behind. Given the lower interest rates, Bitcoin should be at an ATH. Mt. Gox prevented this.”

🌶️Alternative Non-Custodial Cold Wallets

Alternative non-custodial cold wallets offer additional ways to secure your bitcoin keys beyond commercial options. USB drives, for instance, can be effectively used if encrypted and safeguarded. Disconnecting them when not in use, storing them securely, making backups, and restricting their use to a single device for key management are critical practices.

Another traditional method involves writing down keys on paper and securing them in a safe. While this is secure, paper can degrade, ink can fade or bleed, and there's a risk of physical theft. It's important to limit access to trusted individuals and periodically check on the paper's condition.

Some users opt for QR code generators to print keys and QR codes for safe storage. However, this method involves additional software access to your keys, posing potential risks. It's advisable to avoid using websites for key generation due to security concerns and the possibility of unauthorised access.

These alternative methods provide flexible options for securely managing bitcoin keys, each with its own considerations for safety and usability. Users should weigh these factors based on their security needs and risk tolerance when choosing a cold wallet solution.

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