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Head of the largest US bank wants to ban Bitcoin completely, crypto country angry

Baas grootste bank VS wil Bitcoin volledig verbieden, cryptoland woest

Photo: Ms. Li/Shutterstock

Jamie Dimon, the CEO of the largest bank in the United States, JPMorgan, recently underlined his critical position on Bitcoin (BTC) in sharp words before US senators. Dimon’s statements have drawn significant criticism in the crypto world. For example, he is accused of hypocrisy.

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“Bitcoin is for criminals”

Dimon’s statements were clear and direct. This is how he said:

“I have always been strongly against crypto, Bitcoin, etc. As you (Senator, editor’s note) have pointed out, the only real benefit is for criminals, drug traffickers and tax evaders.”

Dimon states that he believes this because transactions with crypto “do not go through the systems that have been built over many years like Know-Your-Customer (KYC), sanctions, OFAC. They bypass all of that.”

That’s why, says the head of America’s largest bank, the government should fully embrace crypto.

Banning Bitcoin is virtually impossible

Banning Bitcoin is actually not possible. The network is spread all over the world. However, the US government can restrict access to Bitcoin, for example by regulating companies very strictly.

The question is whether this will actually happen. Positive voices on the subject of crypto can also be heard within the American government. The first American Bitcoin exchange fund is expected to be approved soon.

These comments have sparked strong reactions within the crypto community. Dimon and his bank are accused, among other things, of hypocrisy. For example, the bank was often involved in criminal matters.

The statements don’t come as a big shock. It has been known for some time that the head of America’s largest bank is against crypto. Despite his position as CEO of a banking giant, his statements had no impact on the Bitcoin price.

Furthermore, his bank does not completely rule out cryptocurrencies. Last summer, it was reported that the company had partnered with several parties to use blockchain technology.

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