JP Morgan Chase & Co. is arguably among the largest banks in the world. As of 2020, the total asset under management of the financial giant was valued at $2.99 trillion. Jamie Dimon, the presiding chief executive of the bank, has been a stark critic of cryptocurrency and Bitcoin. He has spoken harshly about the nature of digital assets many times before.
Recently, he told the media when he claimed once again that Bitcoin is useless. Dimon’s statement is a far cry from the stance of the bank management and the board. The critical remarks by Dimon have become a topic of grave concern over social media. Members of the crypto community have already started to post their protests and present posts in support of their favorite digital assets.
US Government will Put Crypto Investors under Strict Regulatory Pressure
The Biden administration has already shown an aim for imposing capital gains tax on the beneficiaries of crypto investors. On the other hand, there are legendary investors like Ray Dalio who have claimed that the government and the traditional centralized financial institutions are going to treat Bitcoin as a threat to their existence.
Therefore, the possibility of a stringent regulatory charter to limit and control the free flow of cryptocurrencies is highly probable. JP Morgan CEO Dimon seems to agree with this idea as well. He was addressing a conference on Monday when he told the media that regardless of the personal opinions of the cryptocurrency investors, there is a certainty that the state is going to strictly legislate crypto trading. Dimon has also called Bitcoin a fraud in the past.
Dimon thinks that it is not possible to imagine cryptocurrencies without adding the concept of financial crimes to the mix. The government has also suffered a lot of loss in the case of colonial pipeline cyber-attack. He claimed that the state and the financial watchdogs have no choice but to regulate the cryptocurrency market for money laundering purposes.
He further explained that there is also a critical need for amendment of the Bank Secrecy Act and taxation laws about the matter of digital asset trading. However, JP Morgan Chase has continued to offer cryptocurrency services to its clients. A few weeks ago, the financial giant introduced cryptocurrency exposure to its wealth management clients. Now, the fund managers can trade in 5 unique cryptocurrency products through JP Morgan.
