Jamie Dimon: Bitcoin Should Be Shut Down
During a recent hearing, JP Morgan CEO Jamie Dimon expressed his concerns about the use of cryptocurrencies for illicit activities such as money laundering and tax evasion. He stated that if he had the power, he would “close down” Bitcoin. Dimon has been known for his negative views on Bitcoin in the past. However, industry experts argue that the focus on crypto’s involvement in illegal activities is misleading, especially when compared to the much larger scale of financial irregularities with traditional fiat currencies.
Binance CEO Highlights Fiat vs Crypto Crimes
In response to Dimon’s comments, Binance CEO Richard Teng emphasized the need to shift the narrative surrounding crypto-based financial crimes. Teng pointed out that the scale of illicit activities in fiat currencies far exceeds those in crypto transactions. He quoted Dr. Andrzei Gwizdalki’s statement that traditional fiat currencies are implicated in an estimated $3.2 trillion in illegal activities annually, which is over 100 times the $20 billion linked to cryptocurrencies. Teng stressed that it is important not to let fiat’s reputation for corruption and money laundering extend to the crypto industry.
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