During a recent hearing in the US Congress Jamie Dimonpresident and CEO of JPMorgan Chase, once again criticized Bitcoin and cryptocurrencies, stating that if he were the government, he would order everything to be “shut down.”
Responding to Senator Elizabeth Warren, known for her skepticism towards cryptocurrencies, Dimon strongly criticized the use of digital assets such as Bitcoin (BTC).
“I have always been against cryptocurrencies, Bitcoin, etc. Their only real use case is for criminals, drug traffickers, money launderers and tax evaders.” Dimon said.
These words reflect his long-held view that cryptocurrencies, especially Bitcoin, are mainly used for illegal activities due to their anonymity and instant settlement.
“If I were the government, I would order everything to be closed”
The JPMorgan CEO argued that the nature of cryptocurrencies allows criminals to circumvent established anti-criminal systems, such as Know Your Customer (KYC) procedures and jurisdictional sanctions imposed by the Office of Foreign Assets Control.
According to the CEO of the world’s largest investment bank, the ease with which cryptocurrencies can be used for illegal purposes is a major concern that deserves immediate attention.
Dimon went even further by proposing decisive government action against cryptocurrencies, stating that if he were the government, he would “shut down” everything.
‘If I were the government, I would… #Bitcoin” – CEO of JPMorgan
“I have always been deeply opposed to cryptocurrencies, Bitcoin, etc. Their only real use case is for criminals, drug dealers, money launderers and tax evaders.” pic.twitter.com/nappf6Bs70
— Livecoins (@livecoinsBR) December 6, 2023
Jamie Dimon and Bitcoin
Jamie Dimon has been consistently critical of Bitcoin and cryptocurrencies over the years. On several occasions he has expressed distrust about its legitimacy and long-term viability.
One of Dimon’s most notable statements came in 2017, when he called Bitcoin a “fraud” and predicted a future collapse of the cryptocurrency, comparing it to the tulip bubble in 17th-century Netherlands.
The JPMorgan CEO also highlighted regulatory concerns and the possibility of Bitcoin being used for illegal activities. In several interviews and public appearances, he has emphasized that while blockchain technology may have legitimate applications, Bitcoin itself could face serious regulatory challenges.
He even suggested that governments could ban cryptocurrencies if they threaten financial stability or become tools for illicit financing.
Despite his personal criticism of Bitcoin, it is interesting to note that under his leadership, JPMorgan Chase has invested in blockchain technology and even launched its own digital currency, JPM Coin, to facilitate transactions between institutional clients.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
