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On Wednesday, JPMorgan Chase & Co Chief Executive Jamie Dimon told US lawmakers to crack down on cryptocurrency transactions. This will help in preventing the use of cryptos by rogue nations and terrorist organizations. However, Jamie Dimon has a long history of trashing cryptos. He also said many times that if he had power, he would shut down cryptos.
The irony about Jamie Dimon is that his Wall Street bank assumed leadership by using blockchain technology. In a Senate hearing, he strongly criticized the use of cryptos and indirectly backed Democrat senator Elizabeth Warren. Warren has similar views on cryptos and wants to impose restrictions to fight illicit digital transactions.
Bitcoin maximalist and PayBito Chief Raj Chowdhury says "Jamie Dimon is clearly misinformed about Cryptos. He is prejudiced and needs to delve deep into the subject of cryptos before making such absurd comments as calling it a Ponzi scheme. It is reprehensible that he is also misleading the masses by saying that these are used by criminals."
According to CoinDesk, Dimon's bank has over $3 trillion of assets which is twice the market cap of all crypto assets. The bank also plays a key role in moving business toward an infrastructure that suits cryptocurrencies. One of JP Morgan's divisions is finding ways to integrate blockchain technology with traditional banking. Dimon has a positive opinion on blockchain and admits that it is a useful one, but continues to deeply oppose cryptos.
Raj Chowdhury reacted to Jamie Dimon's position "that this is ironic since blockchain is the main technology used for cryptos. This technology used in cryptos has the potential to change the world and make lives better". Recently, a surge in crypto prices brought Christmas early for traders.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to the Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book 'The Dark Secret of the Silicon Valley', Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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