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- JPMorgan CEO Jamie Dimon sparks controversy by renewing his criticism of Bitcoin.
- He argues that Bitcoin lacks utility, pointing to tax evasion and cash laundering associations.
- In response, crypto neighborhood members spotlight JPMorgan’s personal authorized troubles in related domains.
Jamie Dimon, the CEO of JPMorgan Chase, has ignited pressure within the crypto neighborhood amid his sweeping touch upon the use case of Bitcoin. Dimon’s renewed assault on Bitcoin this time was throughout a current interview with CNBC amid current approval for U.S.-listed Bitcoin spot ETF.
Dimon reiterated his skepticism in the direction of Bitcoin and supplied his “private recommendation” to the general public: “Don’t become involved.” On this context, the JPMorgan CEO likened the main cryptocurrency to a “Pet Rock” with no use case.
Moreover, Dimon argued that Bitcoin lacks utility past its affiliation with actions akin to tax evasion, intercourse trafficking, and cash laundering. His feedback distinction the evolving panorama, the place different outstanding figures like BlackRock CEO Larry Fink have embraced Bitcoin and look at it as a big monetary asset.
In the meantime, crypto neighborhood members have identified the inconsistency in Dimon’s assertions concerning Bitcoin’s damaging associations. They spotlight cases the place JPMorgan, the establishment led by Dimon, has confronted expenses for the very violations he attributes as Bitcoin’s sole utility.
It features a collection of fines in multi-million {dollars} for offenses together with tax invasion, fraud, and intercourse trafficking.
Furthermore, some people have identified JPMorgan’s alleged involvement in facilitating the actions of Bernie Madoff, arguably the best fraudster of all generations.
Nonetheless, regardless of his reservations about Bitcoin, Dimon acknowledged the innovation behind Bitcoin’s underlying expertise, blockchain, and acknowledged its potential for varied purposes.
Apparently, underneath Dimon’s management, JPMorgan has taken steps into the cryptocurrency area by introducing JPM Coin, a cryptocurrency designed for immediate switch, clearing, and settlement to optimize international liquidity. Furthermore, the financial institution has positioned itself as one of many licensed members for BlackRock’s iShares Bitcoin Belief (IBIT).
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