Blockchain on the Brink, Dimon’s Crypto Shutdown Warning

Blockchain on the Brink: Dimon's Crypto Shutdown Warning

WASHINGTON, DC Wednesday, December 6, 2023:  JPMorgan Chase CEO Jamie Dimon reignited his long-standing feud with cryptocurrency, stating he would “close it down” if he held the reins of government. 1

Dimon, who is noted for his vocal criticism of Bitcoin and other digital currencies, doubled down on his skepticism, questioning the legitimacy of the entire crypto ecosystem.

His inflammatory remarks came in response to questioning from Senator Elizabeth Warren (D-Mass.), who probed Dimon on the potential risks posed by cryptocurrencies. Warren, herself a vocal critic of Wall Street excesses, expressed concern about the lack of consumer protection and the potential for illicit activity within the crypto sphere. 2

JPMorgan Chase, while skeptical of cryptocurrencies, has nonetheless explored blockchain technology, the underlying infrastructure powering Bitcoin and other digital assets. The bank recently launched a pilot program utilizing blockchain for cross-border payments.

Sources
  1. Bloomberg: https://www.bloomberg.com/news/articles/2023-12-06/dimon-says-he-would-shut-down-crypto-if-he-had-government-role[↩]
  2. Axios: https://www.axios.com/2023/12/06/jamie-dimon-cryptocurrency-bitcoin[↩]
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