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Testifying before the U.S. Congress today, Jamie Dimon, the CEO of JPMorgan Chase, stirred controversy by expressing his negative opinions on the Bitcoin and crypto market. The renowned banking executive stated that if he held a position in the government, he would “close down” Bitcoin and cryptocurrencies.
Dimon, who has been historically critical about Bitcoin and cryptocurrencies, reiterated his concerns regarding 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’ve always been deeply opposed to crypto, Bitcoin, etc,” said Dimon. “The true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. And that is a use case.”
Dimon’s stance echoes his previous sentiments regarding Bitcoin, as he once labeled it a “fraud” and warned investors about its speculative nature. However, he has also acknowledged the underlying technology, blockchain, as having potential applications in various industries.
“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 faced criticism from several influential financial figures such as 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 close down the decentralized Bitcoin network.
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