Testifying earlier than the U.S. Congress today, Jamie Dimon, the CEO of JPMorgan Chase, stirred controversy by expressing his damaging opinions on the Bitcoin and crypto market. The famend banking government acknowledged that if he held a place within the authorities, he would “shut down” Bitcoin and cryptocurrencies.
Dimon, who has been traditionally essential about Bitcoin and cryptocurrencies, reiterated his issues relating to how the property can be utilized. He emphasised that the federal government has the facility to implement strict rules and even shut down your entire crypto house.
“I’ve at all times been deeply against crypto, Bitcoin, and many others,” mentioned Dimon. “The true use case for it’s criminals, drug traffickers, anti-money laundering, tax avoidance. And that may be a use case.”
Dimon’s stance echoes his earlier sentiments relating to Bitcoin, as he as soon as labeled it a “fraud” and warned traders about its speculative nature. Nonetheless, he has additionally acknowledged the underlying know-how, blockchain, as having potential purposes in numerous industries.
“It’s some what nameless, not totally. And since you’ll be able to transfer cash instantaneously as a result of it does not undergo know you buyer, sanctions, OFAC — they will bypass all of that,” Dimon continued. “If I had been the federal government I would shut it down.”
Bitcoin has confronted criticism from a number of influential monetary figures similar to Dimon on account of its decentralized nature and perceived dangers. It is very important observe that whereas the federal government may very well be hostile in direction of the trade working in the USA, no authorities might shut down the decentralized Bitcoin community.
