Even though Bitcoin, along with some other coins, are seeing a price surge after having a stable performance in 2023,
Jamie Dimon, the CEO of the biggest bank in the USA, ‘JP Morgan Chase’, has again reheated the issues with cryptocurrencies and called for a blanket ban.
Moreover, he says the true use of crypto is for criminals, drug traffickers, money launderers, and tax avoidance.
This statement is coming out of a recent hearing before the Senate Banking Committee and has ignited the debate between supporters and defectors of crypto, shining a light on the division and volatility of the market.
Jamie Dimon’s Statement
“I’ve always been deeply opposed to bitcoin, crypto, etc.,” he told senators in a hearing examining the U.S. banking industry. “If I were the government, I’d close it down”.
Worthless and a Fraud
He sticks to his long-standing position that cryptocurrencies don’t provide inherent value and pose a danger to the financial system. also labeling them as ‘Decentralized Ponzi Schemes’.
Criminals’s Safehouse
Jamie emphasizes that cryptocurrencies are mostly used for criminal activity, money laundering, and tax evasion, which could pose systemic risks and trigger a financial crisis.
Regulatory Action
Furthermore, Dimon further wants governments worldwide to take action and ban cryptocurrencies for the protection of consumers. He also points out that allowing crypto to operate freely could deteriorate economic health.
Senator Elizabeth Warren’s Response
Senator Elizabeth Warren came into action and responded, “When it comes to banking policy, I am not usually holding hands with the CEOs of multibillion-dollar banks, but this is a matter of national security. Terrorists, drug traffickers, and rogue nations should be barred from using crypto for their dangerous activities. It is time for Congress to act.”
Bull Run of Crypto
Bitcoin’s price at the time of writing this news is around $43k, and Ethereum’s price is around $2.2k.
At the same time How much these statements affect the prices of the crypto world remains to be seen.
Hi, I’m Utkarsh Singh. I developed an interest in technology when I was around 9 years old, and since then I love learning about it every day and also sharing knowledge with everyone around me, which can make a difference in their lives. Smartphones and gaming laptops in particular attract me the most. Apart from technology, I play various sports, especially badminton, and I also like trying new food dishes.
