Jamie Dimon, CEO of JP Morgan Chase, has once again expressed his strong opposition to cryptocurrencies.
Jamie Dimon, CEO of JP Morgan Chase, has once again expressed his strong opposition to cryptocurrencies, stating that he would "close it down" if he were in the position of the U.S. government. During a Senate Banking Committee hearing, Dimon claimed that the primary use case for crypto is by criminals involved in activities such as drug trafficking, money laundering, and tax evasion.
Dimon's remarks were prompted by a question from Senator Elizabeth Warren, who inquired why crypto is favored by "terrorists, drug traffickers, and rogue nations." He further highlighted the speed and relative anonymity of digital assets, stating that money can be moved almost instantaneously.
This is not the first time Dimon has criticized Bitcoin and other cryptocurrencies. Earlier this year, Dimon said that Bitcoin is a “'hyped-up fraud,” and when Bitcoin hits 21 million in supply, “Satoshi's picture's gonna come up and laugh at you all, and say 'na na!' And by then, Satoshi will have taken out billions of dollars."
Despite his negative stance on decentralized cryptocurrencies, Dimon has acknowledged the potential of blockchain technology. JP Morgan and Apollo Global recently partnered with Avalanche to launch an asset management proof-of-concept, as part of MAS’ Project Guardian.
Crypto advocates have pushed back against the notion that digital assets are predominantly used for illicit purposes. They emphasize the transparency of Bitcoin's public ledger, allowing transactions to be easily traced.
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