Testifying before the US Congress today, Jamie Dimon, CEO of JPMorgan Chase, sparked controversy by expressing his negative views on the bitcoin and cryptocurrency market. The renowned banking executive stated that if he held a government position, he would “shut down” bitcoin and cryptocurrencies.
Dimon, who has historically been critical of bitcoin and cryptocurrencies, reiterated his concerns about how the assets can be used. He emphasized that the government has the power to enforce strict regulations or even shut down the entire crypto space.
“I have always been deeply opposed to cryptocurrencies, bitcoin, etc.,” Dimon said. “The real use case is criminals, drug traffickers, anti-money laundering and tax evasion. And that is a use case.”
Dimon's stance echoes his previous sentiments regarding bitcoin, as he once called it a “fraud” and warned investors about its speculative nature. However, he has also recognized that the underlying technology, blockchain, has potential applications in various industries.
“It's kind of anonymous, not completely. And because you can move money instantly because it doesn't go through the knowledge of the customer, sanctions, OFAC, they can avoid all of that,” Dimon continued. “If I were the government, I would close it.”
bitcoin has faced criticism from several influential financial figures like Dimon due to its decentralized nature and perceived risks. It is important to note that while the government could be hostile towards the industry working in the United States, no government could shut down the decentralized bitcoin network.
