Jamie Dimon said he would close Bitcoin down if he was in government

[bbc.reporter]

Jamie Dimon spoke in front of the senate and congress to talk about the banking industy and it appears bitcoin was mentioned. According to him, bitcoin should be closed down and it is only good for moneylaundering, tax evasion and hiding transactions. This is always their argument hehehehee.

In any case, do they feel threatened? It appears that they do not like competition on their moneylaundering, tax evasion and off the books transactions operations that they do for their rich clients hehehe.

It is okay for them if the rich do this, however, if given this type freedom to the poor, they will say this is evil.



JPMorgan CEO Jamie Dimon says he would close down Bitcoin and crypto if he were the US Government. Speaking to senators today, the JPMorgan CEO said “I’ve always been deeply opposed to crypto, bitcoin, etc.” He points out an argument made by Sen. Elizabeth Warren that its true use is to aid criminals, including drug traffickers, and those in tax avoidance, due to its instant, near-anonymous transactions.

“If I were the government I’d close it down,” Dimon concludes about Bitcoin and crypto as a whole. Jamie Dimon has been vocal in his opposition to Bitcoin especially, saying in the past that Bitcoin was “a fraud.” The top cryptocurrency has been leading the charge of a surge for multiple crypto on the current market over the past month, with SEC approval of Bitcoin ETFs on the verge of becoming a reality.

Read in full https://watcher.guru/news/jamie-dimon-would-close-down-bitcoin-if-he-were-in-government

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[SquirrelJulietGarden]

First, he is not a government staff nor a President of any country.
Second, JP Morgan is a big commercial bank but it is not the only bank globally. It does not have super powerful power to do anything that can harm and shut down Bitcoin.

Jamie Dimon and JP Morgan have ridiculous history against Bitcoin.

JPMorgan's Dimon says bitcoin 'is a fraud'
JPMorgan to give all wealth clients access to crypto funds.

From 2017 to 2021, JP Morgan changed a lot and what changes will they do in next years?

This one is more interesting. Dimon’s many bitcoin moments of regret, in one chart.

[mk4]

"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."

I mean — if he thinks that, obviously he wouldn't want bitcoin to exist; because if you're in a certain business, why would you want a competitor that could potentially destroy your business?

"Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion, about 1/3rd of the total crypto market capitalization today. Either banking is criminal by definition or the rules are broken. The crypto space looks like a nunnery by contrast." — Gabor Gurbacs (https://twitter.com/gaborgurbacs/status/1726974307405033840)

[Darker45]

First, he is not a government staff nor a President of any country.
Second, JP Morgan is a big commercial bank but it is not the only bank globally. It does not have super powerful power to do anything that can

Third, and most importantly, the government cannot shut down Bitcoin. Neither can JPMorgan. Neither can all of these extremely powerful banks all over the world. Neither can the combined powers of both the governments and the banks. Having said this, Jamie Dimon should either shut up because they're all helpless and powerless in the face of Bitcoin or hop on the bandwagon, be cool, make money, be more powerful, and be free.

[pinggoki]

"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."

That's such an old news already, I guess his stance never changed; a stance just as old as the system that he's benefiting from and they really don't like it when something that's challenging their financial system has been flourishing a lot of people are loving it and are talking about it and so they go for the cheap shots that are nothing more than bullshit because there's a public ledger that can just look up if they feel like it's a suspicious transaction, bitcoin's pseudonymous anyway so what's the point of using bitcoin for the stuff that this mofo mentioned? There's mixers and privacy coins like Monero out there so it's weird that they're attacking bitcoin when there are other ways those criminals can funnel their money and fiat is still the favorite of these criminals to use so what are they doing about that? There's still a lot of money laundering operations out there and they can't do a damn about it and instead they talk about bitcoin and why it's an evil thing that they have to get rid of.

[btc78]

First, he is not a government staff nor a President of any country.
Second, JP Morgan is a big commercial bank but it is not the only bank globally.

well it makes so much sense that he, of all people, would hate bitcoin

bitcoin goes against what exactly a bank is of course they bankers would hate bitcoin, they are losing clients and in result they are losing profit

First, he is not a government staff nor a President of any country.
Second, JP Morgan is a big commercial bank but it is not the only bank globally. It does not have super powerful power to do anything that can

Third, and most importantly, the government cannot shut down Bitcoin.

yes but a country’s government can ban bitcoin in their country

[Darker45]

First, he is not a government staff nor a President of any country.
Second, JP Morgan is a big commercial bank but it is not the only bank globally. It does not have super powerful power to do anything that can

Third, and most importantly, the government cannot shut down Bitcoin.

yes but a country’s government can ban bitcoin in their country

And what does that specifically mean? That the citizens of that country can't anymore buy, sell, use Bitcoin? How powerful can a government ban on Bitcoin truly is? Does that mean no citizen can run the Bitcoin network anymore? Or that citizens can no longer keep their savings or store their wealth in Bitcoin? Does that even mean Bitcoin-related businesses are completely eradicated? The answer is no. Again, and literally, no government, however powerful it may be, can shut down Bitcoin.

[adaseb]

His stance on bitcoin was never positive. Just like Warren Buffet. I don’t think he will ever come to terms and accept it.

However besides banning businesses and customers of his bank from acquiring crypto, there isn’t more harm he can do. He doesn’t have enough influence of the SEC to get it from being approved.

Whenever he mentions something about bitcoin, just ignore it.

[freedomgo]

Jamie Dimon spoke in front of the senate and congress to talk about the banking industy and it appears bitcoin was mentioned. According to him, bitcoin should be closed down and it is only good for moneylaundering, tax evasion and hiding transactions. This is always their argument hehehehee.

It seems he hasn't changed his stance regarding Bitcoin; it appears that he really perceives Bitcoin as a significant threat to the banking industry. Bitcoin exists as an alternative currency, not to replace fiat, why would he want to keep promoting a fiat that is susceptible to hyperinflation and subject to government control through potentially corrupt practices?

With Bitcoin, even though it's decentralized, it can be regulated, and the government could still benefit from it. Perhaps he was only highlighting the potential drawbacks and expressing a biased perspective.

[iBaba]

I don't think he is serious and have no idea on what he is about to do. I think it is just a media hullabaloo to woo in his supporters especially those who he knows have sentimental bias over the abdoption of Bitcoin over there.

The funny part of the whole news was like the negative impression the politician attached to Bitcoin that it is a safe haven for money laundering, theft and other unspeakable things he described with Bitcoin. I don't know why politicians find it very comfortable to denigrate some innovations they don't like and paint it black for the public domain.

Truth is, with or without Bitcoin his fellow politicians in leadership positions are best known for their behaviour which is corrupt practices, syphoning of funds and the misappropriation of funds meant to carry out the allocated project. Bitcoin has not been a case of syphoning funds like he said, however People can decide to store there syphoned funds in the bank or any of the crypto currency and that is solely their decision to take.

[Poker Player]

It has not occurred to him to say that if he were in charge he would have the Bitcoin CEO arrested as well? He could add this one too.

Jamie Dimon and JP Morgan have ridiculous history against Bitcoin.

And they insist on continuing to make fools of themselves, we should not pay too much attention to this nonsense from the forum, rather than for entertainment purposes.

I don't think he is serious and have no idea on what he is about to do. I think it is just a media hullabaloo to woo in his supporters especially those who he knows have sentimental bias over the abdoption of Bitcoin over there.

I think you are right on this.

[YUriy1991]

This happened after bitcoin rose and will become the currency of the future. It's simple if you look at the direction of Jamie Dimon's conversation. The government cannot possibly allow the currency to exist without regulated supervision and the government wants to control the amount of their money.

[Bit_Happy]

His stance on bitcoin was never positive. Just like Warren Buffet. I don’t think he will ever come to terms and accept it.

However besides banning businesses and customers of his bank from acquiring crypto, there isn’t more harm he can do. He doesn’t have enough influence of the SEC to get it from being approved.

Whenever he mentions something about bitcoin, just ignore it.

Hey adaseb, "Just like Warren Buffet" can have more than one meaning. The way you said it I agree 100%. There are some differences, in the case of old-school, stone-age Warren Buffet, he simply said "I do not invest in anything I do not understand". Jamie Dimon, on the other hand is more like an angry idiot, and it is good he doesn't have too much power.

[vv181]

Unfortunately, not even the government can close down Bitcoin. Obviously, he does not know any better with such a simple case.

I recently found out from the graph on this thread that the Bitcoin obituaries for a person exist, specifically for this case. I thought it just exists in the general case as some of us may already hear with https://99bitcoins.com/bitcoin-obituaries/. Generally, a person deemed to have high influence always has media attention for such controversies. This case is an example, any media or influential person will likely be against the tool that empowers individuals. So I expect many such high-profile people will do the same, and the media will try to gather that attention for their own motives.

[pooya87]

According to him, bitcoin should be closed down and it is only good for moneylaundering, tax evasion and hiding transactions. This is always their argument hehehehee.

We have a saying in Farsi that goes "کافر همه را به کیش خود پندارد" which I guess is best translated to "every madman thinks all other men mad". It's the case with Dimon! The bank he works for, JPMorgan, has been caught in all kinds of criminal activities from spoofing and security and mortgage abuses where their trader was actually imprisoned to bigger crimes including money laundering and arms dealing. Not to mention their fines due to criminal activities exceeded $2 billion last I checked!

So it is natural that he thinks that just because they are all crooks and criminals in JPMorgan, everyone else must be too

With that aside, why is this idiot being discussed now that bitcoin price is rising up again?!

[alastantiger]

We have a saying in Farsi that goes "کافر همه را به کیش خود پندارد" which I guess is best translated to "every madman thinks all other men mad".

Thanks pooya87 this is good. , I am keeping this saying in my notes to be used later. I like it

It's the case with Dimon! The bank he works for, JPMorgan, has been caught in all kinds of criminal activities from spoofing and security and mortgage abuses where their trader was actually imprisoned to bigger crimes including money laundering and arms dealing. Not to mention their fines due to criminal activities exceeded $2 billion last I checked!

You know what's funny, it is always the hypocrites and guilty parties that is always first to point accusing fingers. They have too many criminal offenses which they knowingly facilitated using the US dollars. They are quick to turn a blind eye and become deaf mute when crime is done using the dollar but will be the first to throw bitcoin under the bus.

So it is natural that he thinks that just because they are all crooks and criminals in JPMorgan, everyone else must be too

No one can tell me otherwise. These hypocrites have a hidden agenda against bitcoin.

[Learn Bitcoin]

JPMorgan CEO Jamie Dimon says he would close down Bitcoin and crypto if he were the US Government.

This idiot does not know how it works! LOL. The government would have closed/shut down Bitcoin a while back if they knew how. He just proved himself to be another stupid person who doesn't know anything about the system by giving the statement. The more they talk about Bitcoin, the more I learn how stupid they are. This stupid person should know he won't be able to shut down 17K nodes in the next 17K days. LOL

I simply don't run a full node because the network already has enough nodes online. If Bitcoin community notice that nodes are shutting down, surely more nodes will come online to support the network.

[NotATether]

LOL Good luck with that Jamie!

See, this is why it's good that Bitcoin is decentralized. This is all cloud talk and he can't even put a dent in the network. In fact, if he wants to close Bitcoin down, he should start with stopping JPMorgan Chase from engaging in any crypto activity. But we all know he won't do that, because there is huge profit to be made there.

[ThemePen]

He is not the one. Many Street Dogs are barking on Bitcoin. But no one of them even touch the Bitcoin. Is it?

Or you can say that these are the wolves and Bitcoin is the moon they howl when they see the shining of the moon(Bitcoin). But they can only how they can't do any thing.
And now Bitcoin is shining and will shine more and Dogs will come day after day and bark. But Bitcoin will shine forever.

[franky1]

when people can be their own portfolio manager of an asset. not needing JP to take his management fee and spreads.. ofcourse he is not going to like bitcoin/crypto

people are becoming wise to the thought that they used to think but no longer needed to put money into JP and JP then gives them just 2%-7% on a market that performed a 30% swing in a year

now people are self managing assets and getting 25%+ per year average. he's mad that not as many people are buying into his service anymore

..
his game plan now is to franchise out his "chase" bank company into more countries hoping to win customers favour and have a new userbase to offer his services too.... poor guy