JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon reiterated on Wednesday his long-standing opposition to Bitcoin (CRYPTO: BTC) and other cryptocurrencies, going so far as to suggest the government should shut down the industry.
Dimon, testifying before a U.S. Senate Committee, expressed his deep-seated skepticism of cryptocurrencies, claiming they are primarily used for illegal activities, such as money laundering and drug trafficking.
He also stated concerns about the anonymity of cryptocurrencies, arguing that they make it easier for criminals to move funds undetected.
“I have always been deeply opposed to crypto, Bitcoin, etc. You pointed out the true use case it is criminals, drug traffickers, anti-money laundering, tax avoidance. And that is a use case because it is somewhat anonymous not for you and because you can move money instantaneously because it doesn’t go through, as you mentioned, all of these systems built up over many years. Know your customers, sanctions all of that. They can get bypass all that. If I were the government, I’d close it down,” he said.
Social media users were quick to slam Dimon about his comments.
An X user said, “In other words,” Dimon said, “criminals are using crypto instead of my bank. This is not fair!”
The cryptocurrency community accused him of being out of touch with the technology and its potential applications. Many pointed out that criminals also used fiat currencies for their illegal activities, and that cryptocurrencies offer several benefits, such as transparency and security.
“You can’t close down the crypto, #bitcoin etc,” tweeted GemsScope, a prominent cryptocurrency analyst, adding that “Not a chance, Short the banks buy Bitcoin.”
Dekdo, another cryptocurrency enthusiast, echoed the sentiment, tweeting, “These boomers need to go. Meanwhile, people still use fiat for all types of criminal activities.”
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Duy Tran, a Chase customer, expressed his intention to close his Chase account in response to Dimon’s comments. “Ok, it’s time to close down my Chase account then,” he tweeted.
Kyle Reese, another Twitter user, expressed his belief that Dimon’s comments were driven by fear, tweeting, “We know you’re terrified Jamie. Nothing you can do about…
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