Bitcoin Soars Past $70K as Wall Street Heavyweights Warm to Crypto

Bitcoin has surged over $70,000 per bitcoin this week after BlackRock signaled interest in the crypto market. JPMorgan CEO Jamie Dimon has reversed his previous calls for bitcoin to be "closed down."

Ark Invest CEO Cathie Wood has brought forward her prediction of bitcoin reaching $1 million by 2030 due to rising institutional adoption.

While Dimon says he still personally won't buy bitcoin, he now defends people's right to purchase it amid the price boom.

Dimon warned the risk of a U.S. recession is still around 70-80% likely, saying the chances of a "soft landing" for the economy are only 50%.

The bitcoin price boom was sparked by the SEC approving several bitcoin ETFs, with major platforms yet to approve bitcoin trading.