KEY POINTS
- The broader crypto market enjoyed what seemed like the start of a bull market driven by Bitcoin's unstoppable rally this week
- The uptrend, particularly in Bitcoin, was propelled by the hype surrounding possible spot Bitcoin ETF approvals
- During a Senate Banking Committee hearing, Dimon said the "true use case" for crypto is criminal activities
The cryptocurrency community is upset with JPMorgan Chase CEO Jamie Dimon for his latest anti-crypto tirade. The billionaire claimed cryptocurrencies should be banned as they are used by criminals.
The broader cryptocurrency market enjoyed what seemed like the start of a bull market driven by Bitcoin's unstoppable rally this week, with many holders making a profit after an extended period of crypto winter.
The uptrend, especially in the value of Bitcoin – the world's largest crypto asset by market capitalization – was propelled by the hype surrounding possible spot Bitcoin exchange-traded fund (ETF) approvals.
But not everyone was pleased with the latest development in the cryptocurrency industry and Dimon was one among them. He said he would close the industry down if he had the power.
During a Senate Banking Committee hearing Wednesday, Dimon said the "true use case" for crypto is criminal activities.
"I've always been deeply opposed to crypto, Bitcoin, et cetera. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance, and that is a use case because it is somewhat anonymous," the JPMorgan Chase CEO said.
The crypto community hit back at Dimon's stance, highlighting the number of times JPMorgan was fined by regulators for breaking rules.
"JPMorgan Chase parent company is the second most penalized financial institution with close to $40 billion in fines for 272 violations since 2000," said Gabor Gurbacs, PointsVille founder and Tether and VanEck advisor. "Jamie Dimon is in no position to criticize Bitcoin with this sort of track record. They should start the hearing with these stats."
"Banks should stay silent," he added.
JPMorgan Chase parent company is the second most penalized financial institution with close to $40 Billion in fines for 272 violations since 2000.
— Gabor Gurbacs (@gaborgurbacs) December 6, 2023
Jamie Dimon is in no position to criticize Bitcoin with this sort of track record. They should start the hearing with these stats. pic.twitter.com/hUFQeT06TO
"Top 5 primary offense types of JPMorgan Chase parent company, which is the second most penalized financial institution with close to $40 Billion in fines for 272 violations since 2000," Gurbacs wrote on X. "Beyond all the stats above, I can't imagine how betrayed the 100s of JP Morgan employees who worked and work on Bitcoin and digital assets for nearly a decade must feel now. Jamie's comments must be demoralizing to all those employees and many more clients to say the least."
Bitcoin educator Dan Held said JPMorgan paid nearly $39 billion in fines "over the last 23 years for fraud, money laundering, market manipulation, etc."
"The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance." - Jamie Dimon (JPMorgan CEO)
— Dan Held (@danheld) December 7, 2023
JPMorgan fines over the last 23 years for fraud, money laundering, market manipulation, etc: $39 Billion. pic.twitter.com/WPBAJdh3vq
Crypto Law founder John Deaton called Dimon a "hypocrite."
"Talk about being a f----ng hypocrite! Who's the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when @jpmorgan has been FINED over THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use Bitcoin or Crypto?" he wrote.
"Projection. Jamie Dimon and @jpmorgan helped facilitate Jeffrey Epstein's sex-trafficking enterprise for 15 years. The people trying to besmirch bitcoiners as criminals are the worst criminals that exist today. The system is so corrupt that they can get away with it for $75m," StandardBTC founder Marty Bent commented.
Projection. Jamie Dimon and @jpmorgan helped facilitate Jeffrey Epstein's sex-trafficking enterprise for 15 years.
— Marty Bent (@MartyBent) December 6, 2023
The people trying to besmirch bitcoiners as criminals are the worst criminals that exist today.
The system is so corrupt that they can get away with it for $75m. https://t.co/VnBSgGpYhO pic.twitter.com/uNcMRe8kuI
A TitCoin Podcast host, who uses the X handle @WalkerAmerica, dubbed Dimon a "confused" person, saying, "He says the only people who use #Bitcoin are criminals, traffickers, and money launderers...But he's actually just describing JP Morgan and their clients."
