JPMorgan CEO Jamie Dimon told Congress: "Closure" Bitcoin and Cryptocurrency

JPMorgan Chase CEO Jamie Dimon sparked controversy today by expressing negative opinions about Bitcoin and the cryptocurrency market while testifying before the U.S. Congress. A prominent banking executive said he would “shut down” Bitcoin and cryptocurrencies if he were to take a government position.

Dimon, who has historically been critical of Bitcoin and cryptocurrencies, reiterated his concerns about how the asset could be used. He emphasized that the government has the power to enforce strict regulations or shut down the entire cryptocurrency space.

“I have always been deeply opposed to cryptocurrencies, Bitcoin, etc.,” Dimon said. “The real-world use cases are criminals, drug traffickers, anti-money laundering, tax avoidance. These are the use cases.”

Dimon’s stance reflects his previous sentiments about Bitcoin, once labeling it a “fraud” and warning investors about its speculative nature. But he also acknowledged that the underlying technology, blockchain, has potential applications in a variety of industries.

“It’s anonymous, not completely anonymous. And it bypasses all of that because you can move money right away because it doesn’t go through customers, it doesn’t go through sanctions, it doesn’t go through OFAC,” Dimon continued. “If I were the government, I would shut it down.”

Bitcoin has drawn criticism from influential financial figures such as Dimon due to its decentralized nature and perceived risk. It is important to note that while governments may be hostile toward industries operating in the United States, no government can shut down the decentralized Bitcoin network.