Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why
07 Dezember 2023 - 5:30AM
NEWSBTC
In a fiery declaration that reverberated through the financial
landscape, JPMorgan Chase’s formidable CEO, Jamie Dimon, once again
launched a verbal assault on crypto. Dimon, well-known for speaking
his mind, straightforwardly called for a complete ban on digital
currencies, linking them to criminal activities without holding
back. The CEO didn’t mince words at a Senate hearing alongside
seven other big bank bosses: “If I was the government, I’d close it
down.” In response to a question from Senator Elizabeth Warren, he
stated that he was adamantly against all forms of crypto, including
bitcoin. Dimon expressed worries that terrorists, drug dealers, and
rogue states would use them as a means of finance and declared he
would shut it down if he were in charge. Even though Dimon’s bank
is deeply engaged in blockchain—the technology that powers the $1.6
trillion cryptocurrency industry—his comments are the most recent
assault against the industry. Related Reading: XRP Greed Index
Soars, Backed By Robust $1.3 Billion Volume – Good For Price? Dimon
Bashes Crypto In earlier remarks, Dimon referred to bitcoin as “a
hyped-up scam,” a term he subsequently withdrew. In addition, he
had compared it to a “pet rock.” In spite of his subsequent
admissions of remorse, he continued to use the term “decentralized
Ponzi scheme” to describe bitcoin and other digital currencies
following his previous tirades. Dimon and other
banking leaders, including Brian Moynihan of Bank of America
Corp., have asserted that their institutions have
measures to stop terrorists and other criminals from utilizing
them. In contrast, Warren advocated for the extension of
anti-money-laundering regulations that banks presently enforce to
digital assets, specifically the cryptocurrency market. Every
single CEO expressed agreement. As of today, the market cap of
cryptocurrencies stood at $1.55 trillion. Chart: TradingView.com
According to sources, JPMorgan completed its first blockchain-based
collateral resolution as recently as October in a deal with
BlackRock and Barclays. With its JPM Coin, a proprietary stablecoin
that enables users to execute blockchain-based payments, JPMorgan
was a pioneer in this space. JPMorgan said in the next two
years, the token may handle up to $10 billion in daily
transactions, up from its current level of about $1 billion. The
price of bitcoin, the biggest cryptocurrency in the world in
terms of market valuation, has increased by more than 150% this
year to about $44,000-plus, according to market tracker
CoinMarketCap, despite calls for a government clampdown.
Related Reading: Bitcoin Bulldozes Past $44,000 – Is $45K Next This
Week? Cryptocurrency Critique Unites Senator With Bankers Warren
took advantage of the session to criticize the cryptocurrency
sector by collaborating with Republicans and prominent
bankers. Naturally, Dimon does not have the power of a government
and cannot independently initiate the ban of cryptocurrencies.
Being the leader of a private financial company, he may only make
suggestions and voice opinions; he cannot implement significant
policy changes. Nevertheless, it demonstrated an unusual
convergence of interests between the crypto industry and the
senator from Massachusetts, a long-time enemy of banks, who claimed
that cryptocurrency was supporting illegal transactions. The price
of bitcoin, the biggest and most popular cryptocurrency in the
world, has increased by more than 150% this year and crossed the
$44,000 barrier on Wednesday, according to the most recent market
data, despite calls for a government shut down. Featured image from
Ting Shen/Bloomberg via Getty Images
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