As Bitcoin Surges 15%, Here’s What Wall Street’s Saying About The Cryptocurrency’s Meteoric Resurgence

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ToplineAmid a pandemic that’s seen the U.S. dollar tank in value, the price of bitcoin has exploded nearly 150% this year and 15% in the past week alone, sparking a wave of renewed attention from Wall Street as the pioneering cryptocurrency nears its all-time price peak from late 2017 (before the crypto market infamously crashed).

Bridgewater Associates founder Ray Dalio at Fox Business Network Studios in New York City. (Photo by … [+] Roy Rochlin/Getty Images)

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At a New York Times conference on Wednesday, JPMorgan Chase’s billionaire chairman and CEO Jamie Dimon, who in 2017 regrettably called bitcoin a fraud, said he’s a “believer” in blockchain technology (JPMorgan has its own cryptocurrency) and “properly backed, properly regulated” cryptocurrency, but that bitcoin isn’t his “cup of tea” and too many questions remain around its regulation.

But Bitcoin’s resurgent price prompted billionaire hedge fund manager Ray Dalio to question his own skepticism on Tuesday: “I might be missing something about Bitcoin so I’d love to be corrected,” Dalio tweeted before launching into a slew of perceived downfalls, echoing much of the bearish sentiment on Wall Street.

As a medium of exchange, bitcoin still isn’t widely accepted by merchants, which Dalio postulates …

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