Taking a strong stand against cryptocurrencies, JPMorgan Chase CEO Jamie Dimon said if he was the government, he would close it down. Calling for a ban on cyptos, he said the only true use case for it is criminals, drug traffickers, money laundering and tax avoidance.
Speaking during an oversight hearing before the Senate Banking Committee on Wednesday, Dimon said, “I’ve always been deeply opposed to crypto, bitcoin, etc… The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.”
“If I was the government, I’d close it down,” he added, responding to a question posed by Democratic Sen. Elizabeth Warren.
Dimon said digital asset ownership is partially anonymous and its use doesn’t rely on traditional financial systems that are well-regulated.
Dimon has previously also opposed cryptos. In statements last year, he likened Bitcoin to a “pet rock”. He also called Bitcoin “a hyped-up fraud”, a comment he later walked back.
Warren said, “When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security. Terrorists, drug traffickers and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act.”
Meanwhile, on Tuesday, December 5, Bitcoin rose 5 per cent to hit $44,083. Bitcoin is now up more than 65 per cent from the year’s low of $26,533 on October 11. Ether, the coin linked to the Ethereum blockchain network, rose 1.4 per cent to $2,275.7.
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