X - JPMorgan CEO Calls For A Shut Down Of Bitcoin And The Crypto Industry: Here's How Social Media Mocked Him | Benzinga
JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon reiterated on Wednesday his long-standing opposition to Bitcoin (CRYPTO: BTC) and other cryptocurrencies, going so far as to suggest the government should shut down the industry.
Dimon, testifying before a U.S. Senate Committee, expressed his deep-seated skepticism of cryptocurrencies, claiming they are primarily used for illegal activities, such as money laundering and drug trafficking.
He also stated concerns about the anonymity of cryptocurrencies, arguing that they make it easier for criminals to move funds undetected.
"I have always been deeply opposed to crypto, Bitcoin, etc. You pointed out the true use case it is criminals, drug traffickers, anti-money laundering, tax avoidance. And that is a use case because it is somewhat anonymous not for you and because you can move money instantaneously because it doesn't go through, as you mentioned, all of these systems built up over many years. Know your customers, sanctions all of that. They can get bypass all that. If I were the government, I'd close it down," he said.
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