JPMorgan Chase CEO Jamie Dimon said cryptocurrency like bitcoin should be banned in a Senate hearing on Wednesday. He directed his remark to Sen. Elizabeth Warren (D-MA), an avowed critic of the decentralized digital money system.
“I’ve always been deeply opposed to crypto, bitcoin, et cetera. [Senator Warren] pointed out the only true use case for it is criminals, drug traffickers, money laundering, tax avoidance,” Dimon said. “And that is the use case because it is somewhat anonymous, not fully, and because you can move money instantaneously and because it doesn’t go through as you mentioned all these systems built up over many years.”
Dimon added: “If I were the government I’d close it down.”
"I've always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals," says JPMorgan Chase CEO Jamie Dimon. "If I were the government I'd close it down." pic.twitter.com/nkEbHR0DOS
— Yahoo Finance (@YahooFinance) December 6, 2023
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Currently, Bitcoin is enjoying a surge in value, passing $43,000 as of Wednesday Dec. 6th, up from about 26,800 in October.
Dimon was joined by several other heads of major banks as they answered questions from Warren. All of the CEOs agreed that crypto should have the same money laundering regulations that other major banks deal with.
“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,” Warren said at the Senate Banking Committee hearing.
Dimon has previously called crypto “a hyped up fraud,” which he would go on to retract. Similarly, he made fun of its worth, saying it was equivalent to a “pet rock.”
Watch Patrick Bet-David discuss the origins and rise of Jamie Dimon below:
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