Testifying before the U.S. Congress today, Jamie Dimon, the CEO of JPMorgan Chase, stirred debate by revealing his unfavorable viewpoints on the Bitcoin and crypto market. The distinguished banking executive specified that if he held a position in the federal government, he would “close down” Bitcoin and cryptocurrencies.
Dimon, who has actually been traditionally important about Bitcoin and cryptocurrencies, restated his issues concerning how the properties can be utilized. He stressed that the federal government has the power to implement stringent policies and even closed down the whole crypto area.
“I’ve always been deeply opposed to crypto, Bitcoin, etc,” stated Dimon. “The true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. And that is a use case.”
Dimon’s position echoes his previous beliefs concerning Bitcoin, as he when identified it a “fraud” and alerted financiers about its speculative nature. However, he has also acknowledged the underlying innovation, blockchain, as having possible applications in numerous markets.
“It is some what anonymous, not fully. And because you can move money instantaneously because it doesn’t go through know you customer, sanctions, OFAC — they can bypass all of that,” Dimon continued. “If I were the government I’d close it down.”
Bitcoin has actually dealt with criticism from numerous prominent monetary figures such as Dimon due to its decentralized nature and viewed dangers. It is very important to keep in mind that while the federal government might be hostile towards the market operating in the United States, no federal government might shut down the decentralized Bitcoin network.
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