JPMorgan CEO continues to criticize cryptocurrency, ready to ban it if it were the government
During the annual hearing of the US Senate Banking Committee on December 6, CEO of America's largest bank - JPMorgan Jamie Dimon once again expressed a tough stance against cryptocurrencies. When asked by Senator Elizabeth Warren - the figure leading the effort to tighten regulations for the crypto market - about his personal views on cryptocurrencies, Mr. Dimon answered frankly: “I have always been strongly opposed to cryptocurrencies, Bitcoin… For me, their real goals are crime, drug trafficking, money laundering and tax evasion.
If I were in the government's position, I would shut them down.” This stance shows that Dimon has maintained his anti-crypto stance over the years. He once compared Bitcoin to a "favorite rock" and warned people to stay away from it. Although he later retracted his statement comparing Bitcoin to a scam, Dimon clearly hasn't changed his negative stance. Dimon's new statement goes against the trend of widespread acceptance of cryptocurrencies in the world. More and more companies, financial institutions and even governments are recognizing the role of crypto. JPMorgan itself also launched the digital currency JPM Coin in 2019.
So what is the reason why the most powerful CEO on Wall Street remains so hostile to crypto? There are a few hypotheses put forward: Dimon fears crypto will weaken the intermediary role of traditional banks like JPMorgan, threatening their current business model.
He criticized crypto to distract the public and policymakers from problems in the traditional finance industry of which JPMorgan is a part. Dimon is trying to influence the crypto regulatory process in the US to favor JPMorgan's interests.
His public support for banning crypto may be intended to put pressure on policymakers. Whatever the reason, JPMorgan CEO Jamie Dimon's views are clearly against the general trend. Cryptocurrencies are increasingly popular and Dimon may have to change his stance in the near future.
