Jamie Dimon blasts crypto, tells Senate he would ‘close it down’—even as JPMorgan pushes forward with blockchain payments

Fortune

In 2017, the CEO of JPMorgan Chase blasted Bitcoin as “worse than tulip bulbs” and ranted that he would fire anyone at his bank who traded it for being stupid. This was followed by other tirades, including one in January where he labeled Bitcoin a “hyped-up fraud” and compared it to a pet rock.

Transcript

00:00 If I was the government, I'd close it down.

00:01 - Can you explain why crypto is such an attractive

00:06 financial tool for terrorists,

00:08 drug traffickers, and rogue nations?

00:11 - I've always been deeply opposed to crypto,

00:14 Bitcoin, et cetera.

00:15 You pointed out the only true use case for it

00:17 is criminals, drug traffickers,

00:20 anti-money laundering, tax avoidance.

00:21 And that is a use case because it is somewhat anonymous,

00:25 not fully, and because you can move money instantaneously,

00:28 because it doesn't go through,

00:30 as you mentioned, all these systems

00:31 have built up over many years,

00:33 know your customers, sanctions, OFAC.

00:36 They can bypass all of that.

00:37 If I was the government, I'd close it down.

Category

Transcript

Recommended