JPMorgan Chase CEO Jamie Dimon voiced fierce opposition to cryptocurrencies like Bitcoin, calling on the government to shut it down.
During a recent Senate Banking Committee hearing, Dimon raised eyebrows while expressing his opposition to cryptocurrencies.
Meanwhile, several other prominent bank CEOs, including Dimon, were questioned by Sen. Elizabeth Warren (D-MA), CNBC reported.
JUST IN – JPMorgan Chase CEO Jamie Dimon: "I've always been deeply opposed to crypto, #Bitcoin, etc."
"If I were the government I'd close it down."
pic.twitter.com/8NGga1roqR— Bitcoin Magazine (@BitcoinMagazine) December 6, 2023
All the CEOS agreed that cryptocurrency firms should be subject to anti-money-laundering regulations like major financial institutions.
Dimon cited “criminal activities” used with Bitcoin, such as tax evasion, money laundering, and illegal operations.
Dimon’s remarks came amid growing concern among financial elites about the regulatory blackhole surrounding cryptocurrencies.
“I’ve always been deeply opposed to crypto, bitcoin, etc.,” Dimon told Warren.
“The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance… If I was the government, I’d close it down.”
Given JPMorgan Chase’s significant involvement in blockchain technology, his position came as a surprise.
However, Dimon has largely stood against cryptocurrencies like Bitcoin, describing it as “hyped-up fraud.”
His latest remarks could signal a significant escalation in the cryptocurrency crackdown, which could end with an outright ban.
But some commenters noted Dimon backtracked on his previous comments.
Here are some examples.
Jamie Dimon (Oct 17, 2017): "When I made that stupid statement… called [#bitcoin] a fraud, my daughter sent me an email saying, 'Dad, I own 2 bitcoins.'"
— Bitstein (@bitstein) December 7, 2023
Jamie wants to implicate his own daughter as a criminal because he's embarrassed she has outperformed him by nearly 900%. https://t.co/zmfavOSB8W pic.twitter.com/k4e0XoU9Vx
Dimon joins the likes of Warren Buffett, who claimed in 222 that he wouldn’t buy the entire world’s supply of Bitcoins for $25
“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett said.
“But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things,” he added.
“We can put up Berkshire coins, or Berkshire money, but in the end this is money,” he said holding up a $20 bill.
“But this is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”
