YEREVAN (CoinChapter.com) — When it comes to Bitcoin (BTC), we have seen quite a few hypocrisy from the high finance tables. You know, the big names in the industry who say one but do another? Well, Jamie Dimon, CEO of JPMorgan, is one of them. At the World Economic Forum held in Davos, our Price Charming of Finance lambasted Bitcoin as a ‘pet rock,’ calling it an instrument of fraud and money laundering.
According to Dimon, Bitcoin’s use cases are limited to tax evasion, anti-money laundering sex trafficking, among other fraudulent activities. Meanwhile, he said he sees value in embedded smart contracts that the technology offers, but not BTC or cryptocurrency itself.
So what’s the big deal about a man voicing his opinion? It’s not like everyone is supposed to like Bitcoin, you may point out.
Well, that is true. However, there is a twist one would expect to see in a Shakespearean comedy. The hypocrisy is astounding.
He heads a massive financial empire which, under him, has taken a keen interest in cryptocurrencies. JPMorgan is a key player in BlackRock’s Bitcoin ETF, according to BlackRock’s updated filing with the US Securities and Exchange Commission last month.
How is a marriage of convenience with the very entity he publicly vilifies supposed to be ok?
This double standard throws a much-needed spotlight on the hypocrisy that sometimes reigns supreme in the hallowed halls of finance.
Why the Bitcoin hypocrisy, Mr. Dimon?
Jamie Dimon can be accused of playing a dual tune. In front of cameras, he becomes the vehement critic of Bitcoin, making it out to be a digital pariah one should stay away from. However, behind closed doors, he remembers his credentials as the shrewd businessman, silently profiting from the very asset he wants you to stay away from.
Would you take anybody seriously who went on live TV to denounce fast food and call it evil only to find out he runs a fast-food chain and eats burgers every evening? You would probably show them the mirror.
We get it, the JPMorgan CEO rubs shoulders with people in the higher echelons of finance, where words are but pawns in a larger strategy of profit and power.
One wouldn’t need to look at his critique of Bitcoin with a pinch of salt had his actions aligned with his words. It makes sense to have concerns about cryptocurrencies, especially their role in illicit activities.
But, sir, when your company dips its beak in the business that intends to profit from Bitcoin, the credibility of your words takes a nosedive. Why the hypocrisy, Mr. Dimon? Why must you speak from both sides of your mouth?
The fact that criminals use fiat currency and the traditional financial system for illicit activities is supposed to be ok? Why target a new sector when the old has been much worse?
The JPMorgan CEO has done this before
This isn’t the first time Jamie Dimon has used such terminology to describe Bitcoin. When he appeared before the United States Senate Committee on Banking, Housing, and Urban Affairs early last month, he echoed similar sentiments.
Telling Senator Elizabeth Warren that he would close Bitcoin down if he were the Government, Dimon listed a series of negative uses of BTC to substantiate his argument. The lawmaker, in reply to whose question he was bashing cryptos, is one of the most notorious anti-Bitcoin elected representatives in the US.
His words did not sit well with the crypto community. Attorney John Deaton, known for representing XRP holders in the SEC’s case against Ripple, pointed out his hypocrisy.
“Talk about being a f**king 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?,”
Deaton wasn’t exaggerating. According to data presented by Good Jobs First, JPMorgan is one of the largest financial violators. Since the year 2000, the banking giant has paid $39.3 billion in penalties through 272 violations. Those weren’t because of Bitcoin, were they?
What is even more ridiculous is the fact that he points out that crypto is being used for illicit activities. Well, one can’t argue with that. But if we have to shut down Bitcoin because of that, then JPMorgan should close shop too.
JPMorgan’s track record is not cleaner than that of Bitcoin
On more than one occasion, the banking giant has been caught in a controversy for illegal activities. One only needs to remember when JPMorgan agreed to pay $75 million to settle a case that accused it of having profited from Jeffrey Epstein’s sex trafficking scandal.
As one user pointed out on X (formerly Twitter), JPMorgan has been named in several illicit activities.
With such a horrible track record, does Jamie Dimon even have the moral right to mention cryptos and crimes in one sentence? When Jesus Christ said “He that is without sin among you, let him cast the first stone,” he was making a strong point. Don’t be a hypocrite, JPMorgan!
To his credit, Dimon clarified that he respects everybody’s right to invest in Bitcoin, only that he doesn’t support it. But he isn’t just anybody. His words could manipulate the markets.
Showing cryptocurrencies in a bad light while leading a firm that has paid multiple fines for illicit activities is hypocritical. The fact that JPMorgan makes money from BTC-related funds makes everything even worse.
As the old saying goes, listen to what they say, but do as they do. So if Jamie Dimon is interested in Bitcoin, directly or indirectly, his criticism means little.
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