Jamie Dimon, CEO of JP Morgan Chase, is spreading fear, uncertainty and doubt (FUD) about crypto once again, stating that if he were the government, he would shut it down.
JP Morgan Chase CEO Jamie Dimon was at a Senate hearing recently, and Senator Elizabeth Warren had targeted questions for him regarding crypto.
And according to Dimon, he said the following, “I’ve always been deeply opposed to crypto, bitcoin, etc. The only true use case for it is criminals, drug traffickers, money laundering, and tax avoidance… If I was the government, I’d close it down.”
Jamie Dimon’s Crypto FUD Is Not New
Now, this is not new fellow readers. Jamie Dimon, since I remember back in 2017, was spreading FUD about Bitcoin and crypto, talking negatively about it. At one point, he did say he was not, and probably not a great idea to say those things about crypto, but now he is going back all out.
So, what is happening here? This is another smoke and mirrors move by Jamie Dimon — he has been doing this for years.
So did BlackRock CEO Larry Fink — remember that Larry Fink was calling Bitcoin an index for money laundering back in 2017. Now, his company is filing for a Bitcoin Spot ETF, and he is going on television saying it is “a flight to quality.”
So, Jamie Dimon is running the smoke and mirrors move on retail — you get retail to sell, you do not let them buy in, you come in and take a position, and then you flip your narrative. That’s what’s happening here.
Banks Have Been Most Fined Throughout History
Now let us address Jamie Dimon’s FUD because he is saying crypto is only used by criminals and so forth. But who has been fined the most throughout history? It’s the banks.
Every year, these banks get fined for doing unlawful activities, breaking the law, and of course, doing all kinds of shady businesses. And those fines rack up millions, billions over the years.
Here’s what Gabor Gubacs said regarding this issue, “J.P. Morgan CEO, Jamie Dimon: “The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.” The Data: Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion. Banks should stay silent.”
And as of August 2023, banks, which included JPMorgan, were hit with $549,000,000 in fines for the use of Signal and WhatsApp to evade regulators’ reach.
Smoke And Mirrors Move
Remember, as reported in 2021, JPMorgan unveiled crypto funds, including Bitcoin wealth funds, to its wealthy clients. That means they have crypto.
JPMorgan also invested in Consensys, which was building on the Ethereum ecosystem, for a 10% stake, and they issued a $39 million loan to a company building on Ethereum.
JPMorgan also launched their JPM coin, Onyx, and this was their version of a stablecoin to compete with Bitcoin, which they use within their interbank settlements.
And recently, it was reported that JPMorgan was leveraging the Avalanche blockchain, whose native token is AVAX, to explore tokenization of different funds and different things.
Crypto Community Comments
Founder and CEO of Morgan Creek Capital Mark Yusco weighed in on the following, “Fear is a powerful motivator of malfeasance… #ThenTheyFightYou phase is just getting warmed up… Good news is we know the last part of the quote… #ThenYouWin and even better news is if you are here, we have already won…”
Gemini co-founder Tyler Winklevoss also highlighted, “If crypto wasn’t the future, the establishment wouldn’t be so hellbent on trying to shut it down.”
So, see what is happening here? This is why you watch what they do, not what they say. Despite what Jamie Dimon said recently, his bank is neck deep into crypto in many different ways — building with it, investing in it, offering it to their clients and so forth.
This is why you do not just read the headlines. You do not just take mainstream media headlines at face value. You have to research and read through the details and see what is happening here. Because if you just listen to the headlines or these sound bites by Jamie Dimon, you may be missing out on a big opportunity, because he is not here to try to help you make money — he is trying to make money for himself.