JPMorgan CEO James Dimon focused on cryptocurrencies today. While BlackRock, one of the biggest traditional financial institutions, is fighting for Bitcoin ETF approval, Dimon has quite different views on cryptocurrencies. Will he change his mind after years?
JPMorgan Chase CEO Jamie Dimon fiercely criticized cryptocurrencies in his statements on Capitol Hill today. The CEO of the United States’ largest bank in terms of customer assets is also a well-known critic of cryptocurrencies. He answered Senator Elizabeth Warren’s question as follows: “I have always been vehemently against cryptocurrencies, Bitcoin and the like. Their only real use is for criminals, drug smugglers, money laundering, and tax evasion. If I were the government, I would eradicate cryptocurrencies.”
Senator Warren, one of the eternal enemies of cryptocurrency, said: “When it comes to banking policy, I may not usually agree with the CEOs of billion-dollar banks, but this is a matter of national security. The use of cryptocurrencies for dangerous activities by terrorists, drug traffickers, and rogue states must be stopped. It’s time for Congress to act.”
Most of the crimes Dimon mentioned are committed using currencies such as dollars and euros, not cryptocurrencies. If we are talking about billion-dollar drug trafficking, human trafficking, smuggling, and all kinds of crime, we should also know that almost all of these are paid with fiat currencies.
Dimon previously described Bitcoin as “a fraud” but his bank shows great interest in blockchain technology, which has come into our lives with Bitcoin. He warns investors about the high volatility of cryptocurrencies and the associated risks, advising them to make transactions based on their own research.