Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why

Christian Encila

1 year ago

3 mins read

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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.

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.