- Jamie Dimon has said he would shut down Bitcoin if he had the powers.
- Dimon told lawmakers he has always opposed crypto, Bitcoin, etc.
- According to Dimon, the true use case for crypto and Bitcoin is for criminal activities.
Jamie Dimon, CEO of JP Morgan Chase, has said he would “close down” Bitcoin if he had the power and authority to do so. On Wednesday, the top American banker told lawmakers that Bitcoin’s true use case is in criminal activities.
During Wednesday’s congressional hearing, Dimon told lawmakers he has always opposed crypto, Bitcoin, etc. He acknowledged and supported Senator Warren’s position, who believes Bitcoin’s only use case is for criminal activities.
According to a video excerpt of Dimon in court, the true use case for crypto and Bitcoin is for criminals, drug trafficking, money laundering, and tax avoidance. He explained that Bitcoin is somewhat anonymous, and users can move money instantaneously without going through systems built over many years, including Know Your Customer (KYC), Sanctions, and The Office of Foreign Assets Control (OFAC).
Noting that Bitcoin and cryptocurrency enable users to bypass all those systems, Dimon expressed his desire to shut down Bitcoin and crypto if he had the powers to do so. He said:
If I had the power, I’d close it down.
Dimon’s statement has received backlash from the crypto community. There has been mounting criticism against the top U.S. banker from renowned Bitcoin and crypto supporters, many of whom consider him and Senator Warren as two of the biggest opponents of Bitcoin.
Renowned lawyer and founder of CryptoLaw.us, John E. Deaton, accused Dimon and Senator Warren of being deeply connected. According to him, Warren wants there to exist five banks that help the government control the people’s money in every way possible. He expressed his wish to contest against the senior senator had he lived in Massachusetts, not because he could unseat her, but to use the opportunity to expose her for the fraud she is.
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