JPMorgan CEO Says to 'Close Down' Bitcoin and Crypto

During a hearing before the U.S. Congress, the CEO of JPMorgan Chase sparked debate with his critical views on Bitcoin and the cryptocurrency market.

He stated that if he were in a governmental position, he would take steps to "close down" Bitcoin and cryptocurrencies.

Dimon, a long-time critic of Bitcoin and cryptocurrencies, once again voiced his concerns about the potential misuse of these digital assets. He highlighted the government's capability to impose stringent regulations or even eliminate the sector entirely.

"I've always been deeply opposed to crypto, Bitcoin, etc," Dimon remarked. "The true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. And that is a use case."

This perspective aligns with his past statements, where he famously called Bitcoin a "fraud" and cautioned investors about its volatile nature. However, he has acknowledged the potential of "blockchain" technology in various sectors.

It is somewhat anonymous, not fully. And because you can move money instantaneously because it doesn't go through know-your-customer, sanctions, OFAC — they can bypass all of that.

If I were the government I'd close it down.

Influential financial figures, such as Dimon, have consistently criticized Bitcoin for its lack of regulation, and this trend may persist until the industry gains broader acceptance.