Grumpy Bankers: JPMorgan Chase CEO Jamie Dimon Wants the Feds to Shut Down Bitcoin

During a Senate Banking Committee hearing, JPMorgan Chase CEO Jamie Dimon expressed strong opposition to cryptocurrencies, suggesting that the government should ban them.

CNBC reports that during a Senate Banking Committee hearing, Jamie Dimon, the CEO of JPMorgan Chase, turned heads with his critical stance on cryptocurrencies. During a routine hearing on the banking industry, several CEOs of large banks, including Jamie Dimon, were questioned by Sen. Elizabeth Warren (D-MA). They all agreed that cryptocurrency companies should be subject to the same anti-money-laundering regulations as major financial institutions.

Addressing the committee, Dimon voiced his deep-seated opposition to digital currencies like Bitcoin, citing their use in criminal activities such as money laundering, tax evasion, and funding for illegal operations. His remarks underscore a growing concern among financial leaders about the regulatory vacuum surrounding cryptocurrencies.

While being questioned by Warren, Dimon stated: “I’ve always been deeply opposed to crypto, bitcoin, etc. The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance… If I was the government, I’d close it down.”

Dimon’s position is particularly noteworthy given JPMorgan Chase’s significant involvement in blockchain technology, the foundational tech behind cryptocurrencies. Despite this, Dimon has consistently criticized Bitcoin and its peers, calling Bitcoin a “hyped-up fraud” and likening it to a “pet rock” in past statements. His latest comments suggest an escalation in his stance, advocating for direct governmental intervention in the form of a ban.

Commenters were quick to point out that Dimon previously walked back similar comments:

Jamie Dimon isn’t the only prominent critic of Bitcoin. Warren Buffett claimed in 2022 that he wouldn’t buy the entire world’s supply of Bitcoins for $25, causing immediate pushback from the crypto community:

“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett said. “But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money, but in the end this is money,” he said holding up a $20 bill.

“But this is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”

During a Miami conference in April, billionaire venture capitalist Peter Thiel took shots at Warren Buffett, referring to him as a “sociopathic grandpa from Omaha,” and Bitcoin’s “enemy number 1.”