At a recent hearing in the United States Congress, Jamie Dimonpresident and CEO of JPMorgan Chase, once again criticized bitcoin and cryptocurrencies, saying that if he were the government, he would order to “shut everything down.”
Responding to Senator Elizabeth Warren, who is known for her skepticism towards cryptocurrencies, Dimon sharply criticized the use of digital assets such as Bitcoin (BTC).
“I’ve always been against cryptocurrencies, bitcoin, etc. Their only real use is for criminals, drug dealers, 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.
“In the place of power, I would order everything to be closed”
JPMorgan’s CEO argued that the nature of cryptocurrencies allows criminals to evade 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 illicit purposes is a serious concern that deserves immediate attention.
Dimon went even further by suggesting strong government action against cryptocurrencies, saying that if he were the government, he would “shut down” the whole thing.
“If I were the government, I would close it down #Bitcoin– CEO of JPMorgan
“I have always been strongly against cryptocurrencies, bitcoins, etc. Their only real use is for criminals, drug dealers, money launderers and tax evaders.” pic.twitter.com/nappf6Bs70
— Livecoins (@livecoinsBR) December 6, 2023
Jamie Dimon and Bitcoin
Over the years, Jamie Dimon has been consistently critical of Bitcoin and cryptocurrencies. On several occasions, he expressed incredulity about its legitimacy and long-term viability.
One of Dimon’s most notable statements was in 2017, when he called Bitcoin a “fraud” and predicted the cryptocurrency’s future crash, comparing it to the tulip bubble in Holland in the 17th century.
JPMorgan’s CEO also highlighted concerns about regulation and the potential for bitcoin to be used in illegal activities. In several interviews and public appearances, he emphasized that while blockchain technology may have legitimate uses, Bitcoin itself may face serious regulatory challenges.
He even suggested that governments could ban cryptocurrencies if they threaten financial stability or become tools for illegal financing.
Despitehis personal criticism of Bitcoin, it is interesting to note that JPMorgan Chase under his leadership invested in blockchain technology and even launched its own digital currency, JPM Coin, to facilitate transactions between institutional clients.