JPMorgan Chase CEO Jamie Dimon bashed the crypto industry at a U.S. Senate hearing Wednesday, saying that he would "close it down" if he was the government.
Everyone's talking about Jamie Dimond, JP Morgan Chase CEO and chairman. He was on Capitol Hill yesterday talking about Bitcoin. Let's take a listen. I've always been deeply opposed to crypto, Bitcoin, et cetera. You pointed out the only true use case for it is criminals, drug traffickers, antimo laundering, tax avoidance. And that is a use case uh because it is somewhat anonymous, not fully and because you can move money instantaneously and because it doesn't go through, as you mentioned, all these systems have built up over many years. No, your customer sanctions. Of fact, it's didn't get bypass all of that. I, if I was the government's, I'd close it down. All right, Marcus, we have those comments from Jamie Dimond and that's up against uh massive asset managers like black rock racing towards the spot. Bitcoin ETF. What do you make of that? Well, I think it's a, it's a comment from the past, right? I mean, this comment we have heard, you know, 5678 years ago already, you know, from, from Jamie Diamond, you know, we know that JP Morgan internally has been active on crypto. The last kind of like you know, 67 years, really, they have their own crypto internal team. So, you know, I think the, the banks are trying to just fight a little bit back here, but I think it's still that this universe is getting like bigger and bigger and I think we just have to see how crypto develops.