Testifying earlier than the U.S. Congress immediately, Jamie Dimon, the CEO of JPMorgan Chase, stirred controversy by expressing his adverse opinions on the Bitcoin and crypto market. The famend banking govt 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 considerations relating to how the belongings can be utilized. He emphasised that the federal government has the facility to implement strict rules and even shut down the whole crypto area.
“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 could 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 buyers about its speculative nature. Nevertheless, he has additionally acknowledged the underlying expertise, blockchain, as having potential functions in varied industries.
“It’s some what nameless, not totally. And since you may transfer cash instantaneously as a result of it would not undergo know you buyer, sanctions, OFAC — they’ll bypass all of that,” Dimon continued. “If I have been the federal government I would shut it down.”
Bitcoin has confronted criticism from a number of influential monetary figures resembling Dimon on account of its decentralized nature and perceived dangers. It is very important be aware that whereas the federal government might be hostile in the direction of the trade working in america, no authorities may shut down the decentralized Bitcoin community.