Whereas testifying earlier than the US Congress at this time, JPMorgan Chase CEO Jamie Dimon sparked controversy by expressing his detrimental views on the Bitcoin and cryptocurrency market. The well-known banking government stated that if he took a place in authorities, he would “shut down” bitcoin and cryptocurrencies.
Dimon, who has traditionally criticized Bitcoin and cryptocurrencies, reiterated his considerations about how the belongings are getting used. He confused that the federal government has the ability to impose strict rules and even shut down the cryptocurrency house totally.
“I’ve all the time been very against cryptocurrencies, bitcoin, and so on.,” Dimon stated. “The true use case for it’s criminals, drug sellers, anti-money laundering, tax evasion. That is a use case.”
Dimon’s stance displays his previous sentiments relating to Bitcoin, the place he as soon as known as it a “rip-off” and warned traders about its speculative nature. Nevertheless, he additionally acknowledged that the underlying expertise, blockchain, has potential functions throughout numerous industries.
“It is considerably nameless, not fully,” Dimon continued. “And since you possibly can transfer cash immediately as a result of it does not undergo know-your-customer, sanctions, OFAC — they will bypass all of that.” “If I have been the federal government, I might shut it.”
Bitcoin has confronted criticism from many influential monetary figures equivalent to Dimon on account of its decentralized nature and perceived dangers. It is very important be aware that though the federal government could also be hostile in direction of the business working in the US, no authorities can shut down the decentralized Bitcoin community.
