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

[suzanne5223]

No, USD and EUR will never be a thing of the past and this exact belief is the reason why some government officials are against BTC which was created to complement fiat currency.
Fiat currency may be redefined but it won't be a thing of the past.

Some countries have either adopted BTC as legal tender (eg: El Salvador, Central African Republic) or are about to do it (eg: Argentina).

According to what I know these two countries have already adopted Bitcoin as a legal tender but I don't know about Argentina and it's too early to know if their President truly has the plan.

These are signs that BTC will become the world currency in the future. I know most governments want to push their agenda of rolling out CBDCs (Central Bank Digital Currencies) to the public. But the thing is, people are getting tired of ever-rising inflation rates (despite claims from central banks that inflation is easing off). This will cause distrust in the banking system patronized by mainstream governments worldwide.

Yes, people are getting tired of inflation and have already lost hope in the government's provision of a total solution to it because the government keeps making the same mistake over again while also ignoring the true solution to it. However, this does not mean Bitcoin will be the world currency in the future because it's something they (the government) never want at all course.

They don't want BTC to prevail, otherwise that would mean people will ditch Fiat (in this case the USD) in favor of a decentralized cryptocurrency governments can't get ahold of.

This is more the reason why Bitcoin will never be a world currency although it won't stop BTC from being used as a payment method globally.

Lets see what Jamie has to say after BTC goes all the way to $1m. Maybe he will change his mind once Blackrock gets its spot ETF approved by the SEC?

People like him will never change their mind though he may secretly invest in BTC while he say the negative publicly about BTC.

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[tread93]

A little ridiculous considering how much money they have made already from scooping a bunch of coins in this last bear market. Of course he would say something like this though I mean BTC is a direct threat to his business but good luck shutting bitcoin down lmao

[Wind_FURY]

JPMorgan CEO said “I’ve always been deeply opposed to crypto, bitcoin, etc.”

Because they want us to continue using their legacy systems, and their plans to "upgrade" that is through CBDCs. A centralized digital currency they control programmatically, and "guided" by their rules.

Bitcoin, enforced by the consensus rules of the network, gives us the faculty to actually own our own digital assets, and therefore functioning as a right to actually own property in the internet.

Jamie Dimon has several reasons to attack crypto, but I think he would also have several reasons to embrace it if he was smart and visionary. If something can't be stopped, I guess embracing is always better than opposing it unless it is something evil to humanity, which I believe he doesn't really think BTC is.

They are losing out on transaction business and they are also losing out on investment business because the younger generation isn't going to buy shares or ETFs when they can one-click buy crypto in their apps. Owning BTC is becoming a thing among the younger people. That's what I see in my closer environment. The number of questions I get asked by young people has been significantly increasing over the last few years. They find the topic interesting and they want to own some. The tendency to own digital assets takes away business from in-house brokers of banks like JP.

BTC doesn't charge a fee for owning an account. For a bank it makes a difference if someone parks 100k USD in the bank account, which can then be used to give out loans and earn money, or whether someone parks it in their own BTC wallet. And the whole trend is just starting and I think Jamie Dimon knows it.

But I have been asking myself this question countless of times, do these people really not own any BTC? They are rich already, yes. But if they see a growing trend and it doesn't cost them much to buy a small share in that movement as I would call it, would they really not do it for ideological reasons? If I hated art, but I would still be convinced it is going to explode in price, would I refrain from owning some? I think I wouldn't.

They are absolutely NOT losing out in the "transaction business", it's laughable because don't you see how
small Bitcoin's TPS is? It's not a threat to the banksters. But what they're probably afraid of is the socio-political uses of cryptography and how it could be a tool for social change, AND Bitcoin is the most-used cryptographic tool in existence. The more users it has, the bigger problem it will be socially and politically for them.

Buy the DIP and HODL.

[Abiky]

They are absolutely NOT losing out in the "transaction business", it's laughable because don't you see how
small Bitcoin's TPS is? It's not a threat to the banksters. But what they're probably afraid of is the socio-political uses of cryptography and how it could be a tool for social change, AND Bitcoin is the most-used cryptographic tool in existence. The more users it has, the bigger problem it will be socially and politically for them.

Buy the DIP and HODL.

Bitcoin at its current state, is not a threat to the banksters. But with scaling improvements (L2, sidechains, etc) it will. BTC's decentralized and open source nature should be a "red flag" for banks' very existence. That's why they're doing everything in their power to minimize its usage worldwide. Banks won't be able to defeat Bitcoin, but at least they will stay relevant for generations. As long as people use Fiat more than Bitcoin, nothing else matters.

I believe Jamie Dimon's comments are nothing more than pure FUD. He could be secretly buying and holding BTC for the "big pump". The same can be said about Sen. Elizabeth Warren. They want to plunge BTC's price to buy it at a discount. Deep down, they know it's impossible to shut it down forever. Either you live with it, or be left behind in the dust. Just my thoughts

[DapanasFruit]

I am surprised with the kind of statement this man made in front of legislators. I assumed that he has already made a turnaround with Bitcoin and has already accepted the fact that Bitcoin is inevitable. Anyway, good to know that he is not of the government...as I could not imagine if he is the one leading the SEC these days as he can even be bitter than Gary Gensler. For all we know, one day Jamie Dimon will admit that he has hoarded Bitcoin himself.

[Natsuu]

I am surprised with the kind of statement this man made in front of legislators. I assumed that he has already made a turnaround with Bitcoin and has already accepted the fact that Bitcoin is inevitable. Anyway, good to know that he is not of the government...as I could not imagine if he is the one leading the SEC these days as he can even be bitter than Gary Gensler. For all we know, one day Jamie Dimon will admit that he has hoarded Bitcoin himself.

Only time will tell if Dimon's viewpoint undergoes any significant changes. He consistently expressed skepticism about Bitcoin and while he may have influence within business realms, the broader crypto space operates independently. Tho i think it’s still essential for enthusiasts to consider diverse perspectives and make informed decisions despite opposing opinions from traditional finance figures.

[moneystery]

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.

....

i don't think that the banking industry can be much better than bitcoin, in fact i think that the banking industry is much more evil, dirty and disgusting, when there are more cases of money laundering, fraud, embezzlement, child pornography industry, illegal mining, and many more . so when he points out that bitcoin is a good place for money laundering, or various other illegal actions, he should be looking at the banking industry which is much more disgusting than bitcoin.

[The Sceptical Chymist]

Thankfully (or at least hopefully), Jamie Dimon will never hold a political office since he tarnished his name during the housing/banking crisis of 2008, so fuck him and the horse he rode in on.  But this is assuming Americans remember his involvement, since it was quite a long time ago.

But even aside from his comments on crypto/bitcoin, that guy is a scumbag--but anyone who rises as high as he does in the banking industry is guaranteed to be cut from the same cloth, so that's to be expected. 

Ain't nobody shutting bitcoin down anyhow.  And if someone did somehow manage to pull off the miracle of all miracles and do just that, what about the thousands of altcoins on the market?  How exactly does one go about "shutting them down"?  Pfft.

[Twentyonepaylots]

They are absolutely NOT losing out in the "transaction business", it's laughable because don't you see how
small Bitcoin's TPS is? It's not a threat to the banksters. But what they're probably afraid of is the socio-political uses of cryptography and how it could be a tool for social change, AND Bitcoin is the most-used cryptographic tool in existence. The more users it has, the bigger problem it will be socially and politically for them.

Buy the DIP and HODL.

Bitcoin at its current state, is not a threat to the banksters. But with scaling improvements (L2, sidechains, etc) it will. BTC's decentralized and open source nature should be a "red flag" for banks' very existence. That's why they're doing everything in their power to minimize its usage worldwide. Banks won't be able to defeat Bitcoin, but at least they will stay relevant for generations. As long as people use Fiat more than Bitcoin, nothing else matters.

Bitcoin and its technology is a foreseeable threat to the bank, not the way it was built but the idea of the bitcoin itself. See how the blockchain propagates in the recent years, and people keep coming with new projects on crypto upscaling and bringing the bars high. With the generation of us living in the internet? I don't think bank can keep up with the decentralized technology as people are getting more exclusive now.

I believe Jamie Dimon's comments are nothing more than pure FUD. He could be secretly buying and holding BTC for the "big pump". The same can be said about Sen. Elizabeth Warren. They want to plunge BTC's price to buy it at a discount. Deep down, they know it's impossible to shut it down forever. Either you live with it, or be left behind in the dust. Just my thoughts

Just a FUD, we had this numerous times already yet we don't know if he is one of those whales pumping and dumping sh*t on his laptop.

[Abiky]

I am surprised with the kind of statement this man made in front of legislators. I assumed that he has already made a turnaround with Bitcoin and has already accepted the fact that Bitcoin is inevitable. Anyway, good to know that he is not of the government...as I could not imagine if he is the one leading the SEC these days as he can even be bitter than Gary Gensler. For all we know, one day Jamie Dimon will admit that he has hoarded Bitcoin himself.

If Jamie Dimon is secretly buying BTC, I doubt he will ever reveal it to the public. A banker like him getting into Bitcoin will lead more people to ditch Fiat in the long run. And that's something no government wants. Eventually, Bitcoin's enemies would have no choice but to accept defeat. The cryptocurrency is virtually unstoppable thanks to its decentralized design.

If bankers and governments wanted to "destroy" Bitcoin, they would've done so within the early days of the project. Now it's too late to do anything about it. I wonder what would Jamie say once BTC goes all the way to $1m?

[OgNasty]

Shocking that rich people with control of the fiat economy are against Bitcoin. They see that it would hinder their business practices if they had to be transparent and they would also lose a great deal of power as a result. Their whole business is built on fiat and manipulating prices. Bitcoin to them is like a light be shined on a pile of cockroaches.

[bbc.reporter]

After telling the grandma Elizabeth Warren and the other legislators in the senate that he if he was the government he would close bitcoin down, JPMorgan is named an authorized participant for Blackrock's ETF.

This might be headshaking for some of you, however, this has shown who the real rulers are.



Wall Street titan BlackRock today amended its much talked about Bitcoin exchange-traded fund (ETF) filing and named banking giant JP Morgan Securities and trading firm Jane Street as authorized participants.

In the world of ETFs, an authorized participant is the organization that works with the issuer of the fund to create and redeem shares of a fund so that an investor can cash out.

This, according to experts, is likely the last step of the application process for the long-awaited product after various reviews and amendments.

Source https://decrypt.co/211208/blackrock-bitcoin-etf-jp-morgan-jane-street

[shepherd_gee]

People bantering the existence of Bitcoin must have a peculiar reason for doing so. Jamie Dimon has listed his own personal reasons, someone somewhere else also has a tangible reason he or she has to close down Bitcoin and cryptocurrency at large. This is not something we should undermine, cos for them to have a reason whatsoever to close down btc, btc must have done something wrong to them or they do not have any formal knowledge about the market. Any one who pose such impression shouldn't be fought by us the vendors cos what rocks my boat might sink yours. Aloha 🕊️.

[icalical]

After telling the grandma Elizabeth Warren and the other legislators in the senate that he if he was the government he would close bitcoin down, JPMorgan is named an authorized participant for Blackrock's ETF.

This might be headshaking for some of you, however, this has shown who the real rulers are.



Wall Street titan BlackRock today amended its much talked about Bitcoin exchange-traded fund (ETF) filing and named banking giant JP Morgan Securities and trading firm Jane Street as authorized participants.

In the world of ETFs, an authorized participant is the organization that works with the issuer of the fund to create and redeem shares of a fund so that an investor can cash out.

This, according to experts, is likely the last step of the application process for the long-awaited product after various reviews and amendments.

Source https://decrypt.co/211208/blackrock-bitcoin-etf-jp-morgan-jane-street

This is the proof, it's not that they don't like Bitcoin, the thing is they don't like that they do not control Bitcoin, they are not the one who gain the most profit out of this Bitcoin speculation, when there is something suitable for them like Bitcoin ETH, they will jump into that immediately. All they need is the control, they want to control people's fund, doesn't matter wether it's stock, REIT, or crypto.

[Abiky]

Shocking that rich people with control of the fiat economy are against Bitcoin. They see that it would hinder their business practices if they had to be transparent and they would also lose a great deal of power as a result. Their whole business is built on fiat and manipulating prices. Bitcoin to them is like a light be shined on a pile of cockroaches.

Exactly. That's the main reason why most people with a high social/political status hate Bitcoin. They can't manipulate it the same way they can manipulate Fiat. Banks have been known to encourage corruption for years. They have full support of the government to manipulate the system for their own benefit. It's such where our society are slaves of the existing monetary system. Bitcoin is the complete opposite of Fiat promoting the values of freedom and self-sovereignity. The "deep state" has been trying to shut it down to no avail. We can thank Bitcoin's decentralized and censorship-resistant design for that.

Again, Jamie Dimon's comments are nothing but pure FUD. He might be secretly buying BTC alongside Elizabeth Warren and the rest. The ultimate goal is to make market prices decline, to buy Bitcoin at a cheaper rate. Why won't you take advantage of the situation to grow your coins of coins for the future? Just my opinion

[Kelward]

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.

Clearly he is expressing his personal opinion which he is entitled to, he has probably seen the potentials of Bitcoin in the future and is feeling somehow threatened that a decentralized digital currency might take over as a dominant force against fiat currencies in the future. Despite his stance on Bitcoin, the adoption keeps increasing, so Bitcoin holders don't need to worry about his remarks, because it remains a decentralized asset that keeps increasing in value and there's nothing he and other haters can do about it. Just like in the banking industry you'd expect that there'd be scammers and illegal transactions in crypto, that does not mean that there are no genuine holders of cryptocurrency, it's just so miopic.

[tjtonmoy]

Another drama before Bitcoin halving? Seems like it. I don't care about what other people say about Bitcoin, I have seen the history and I believe in Bitcoin. That's all it takes. People will keep spreading FUD. But that did not stop Bitcoin in the past and it will not be able to do in the future.

Keep believing in what you believe. People like him will come and go, but Bitcoin is here to stay and it will stay for sure. Those weak-hearted hodlers will sell and give us an opportunity to buy more Bitcoin at a low price. Think of this as an opportunity for us. In the end they are the losers. Because they can't do shit with their FUDs.

Criminal activities have been happening from who knows what time and Bitcoin is not the reason for it. People have been doing criminal activities with money gold and other assets. But they are not bad. Why the double standards? Because Bitcoin pose a threat to people who have been using those and they do not like competition.

[Abiky]

Another drama before Bitcoin halving? Seems like it. I don't care about what other people say about Bitcoin, I have seen the history and I believe in Bitcoin. That's all it takes. People will keep spreading FUD. But that did not stop Bitcoin in the past and it will not be able to do in the future.

Keep believing in what you believe. People like him will come and go, but Bitcoin is here to stay and it will stay for sure. Those weak-hearted hodlers will sell and give us an opportunity to buy more Bitcoin at a low price. Think of this as an opportunity for us. In the end they are the losers. Because they can't do shit with their FUDs.

Criminal activities have been happening from who knows what time and Bitcoin is not the reason for it. People have been doing criminal activities with money gold and other assets. But they are not bad. Why the double standards? Because Bitcoin pose a threat to people who have been using those and they do not like competition.

Well said. It's nothing but pure FUD to drive away as much people from Bitcoin as possible. Jamie and other bankers and government officials know Bitcoin won't be going anywhere due to the way it was designed. You wouldn't expect them to endorse the cryptocurrency, especially when it goes against Fiat's principles. Would you? Eventually, these critics will get tired as Bitcoin becomes more popular.

Regulations will become stricter each day, but BTC will be alive and running as usual. With how things have been progressing since day one, it's likely Bitcoin will live alongside Fiat for generations. Maybe it will go as far as replacing it in the future?

[Ucy]

Some of his reasons for wanting the shutdown of Bitcoin are actually valid. The important features of Bitcoin like Anonymity can certainly be abused by the bad guys   I expected a responsible community to come together and work out a transparent countermeasure against criminal use by now. Ofcourse, couple of effective & workable solutions were proposed in the past but so far nothing has been done with them. Certain people within the Community seem to think that criminals have that rights too, probably forgetting that the features were created to protect people from criminals/evil. Criminals are not entitled to the thesame protection otherwise it would be hard to find and get them arrested.

[aoluain]

Some of his reasons for wanting the shutdown of Bitcoin are actually valid. The important features of Bitcoin like Anonymity can certainly be abused by the bad guys   I expected a responsible community to come together and work out a transparent countermeasure against criminal use by now. Ofcourse, couple of effective & workable solutions were proposed in the past but so far nothing has been done with them. Certain people within the Community seem to think that criminals have that rights too, probably forgetting that the features were created to protect people from criminals/evil. Criminals are not entitled to the thesame protection otherwise it would be hard to find and get them arrested.

If thats the argument why not "shut down" Cash? it is used far more than Bitcoin by criminals?

I'm fairly certain that anyone buying and selling drugs on the verious streets of rhe world
are paying in Cash not Bitcoin for example.

Dimon isnt worried about criminals using Bitcoin he is worried about the perceived threat
it might have on his interests and as others have pointed out, they cannot control it. They
use buzzwords like "Criminal behaviour" to seek validity to their arguments among their peers.
Its nonsense.