JPMorgan Chase CEO Jamie Dimon once again criticized cryptocurrencies today, saying that if he were the U.S. government, he would “shut down cryptocurrencies.”
“The real use case is [crypto] “Criminals, drug traffickers, money launderers, tax evaders,” Dimon told lawmakers at a Senate Banking Committee hearing Wednesday.
“If I were the government, I would shut it down,” he added. “I’ve always been against cryptocurrencies, Bitcoin, etc.”
Dimon’s comments came after Elizabeth Warren (D-Mass.) asked the billionaire bank president why “terrorists, drug traffickers, and rogue states” like cryptocurrencies.
He added that digital assets allow you to move money “nearly instantaneously” and that it is “somewhat anonymous.”
Dimon’s recent comments are not the first time he has criticized Bitcoin or other cryptocurrencies. famously called In 2017, he called Bitcoin a “scam” and criticized his own daughter for making a small purchase of the largest cryptocurrency by market capitalization.
The head of the world’s largest bank once doubted whether the supply of Bitcoin would really be capped at 21 million. saying: “Maybe it will reach 21 million, and maybe a photo of Satoshi will come out and make everyone laugh.”
Despite criticizing Bitcoin and decentralized cryptocurrencies, Dimon praises the underlying technology and his bank Already used JPM Coin is a digital coin that runs on a permissioned blockchain (a distributed ledger that is not publicly accessible like Ethereum or Bitcoin).
X (formerly Twitter) users in the cryptocurrency industry were quick to point this out, particularly highlighting the number of times JPMorgan and other banks have been fined by regulators for violating rules.
Cryptocurrency supporters often push back against the idea that Bitcoin and other digital assets are being used unfairly by criminals, especially since Bitcoin operates on a transparent ledger and is very easy to trade. It emphasizes the fact that it can be tracked.
In the past, some government officials, particularly former CIA Director Michael Morell, have said that Bitcoin is actually “Benefits” for law enforcementconsidering the actual transparency.