Jamie Dimon States that Countries will Shut Down Cryptocurrencies if they Become too Big. Not that long ago, Jamie Dimon was in the focus of all media outlets that deal with the issue of cryptocurrencies. At that time, he stated that Bitcoin is a huge fraud and that the market would collapse at some point. Besides that, he also mentioned that he would fire a staff member if he found out that he or she has been trading cryptocurrencies and the reason for that would be their stupidity.
Those statements affected Bitcoin and other cryptocurrencies as the value dropped significantly. Soon they managed to recover and now, Jamie Dimon seems to be on the strike again as he once again spoke about cryptocurrencies and their role in the modern society.
In his latest media appearance, the current CEO of J.P. Morgan and Chase has said that governments all over the world will be shutting down Bitcoin as well as other cryptocurrencies if they become too powerful. He said that governments will allow Bitcoin to rise even further but at some point, they will call it a quit and they will shut down the cryptocurrency market because they would become a too powerful threat for the established financial market.
During the same interview, Dimon said that governments would try to impose control on cryptocurrencies by making them completely illegal. Because of that, trading Bitcoin and other cryptocurrencies will become a black market with the punishment of imprisonment threatening all those who get caught doing business or using Bitcoin or any other cryptocurrency in any way.
Dimon’s statement is not that far reaching as when we take into an account what some countries around the world have been doing against cryptocurrencies. The most obvious example of that effort is China who completely banned Initial Coin Offerings. Besides that, they even have instructed all cryptocurrency trading platforms to shut down which many saw as an indication of the move of the Chinese government to banned cryptocurrency altogether.
Dimon is not the first person who talked about the possible move from the governments against cryptocurrencies. Many experts have also talked about that issue indicating that if or when Bitcoin becomes too powerful, countries all over the world would be forced to react in a way that would probably make all cryptocurrencies illegal. Instead of banning all those cryptocurrencies, many experts suggest that governments should take on a bigger role in the cryptocurrency market and to provide them with the legal status as they have already become too big to fail.
Apparently, there are some countries that are trying to do that through their central banks as they control the entire financial market in the country. However, more and more governors of central banks are saying publicly that getting involved with the cryptocurrencies would not be a good idea for any country. While governments and central banks are expressing their worries when it comes to cryptocurrencies, those cryptocurrencies are gaining bigger and bigger value with each day which gives them more and more power in the global financial market.
Written by Vedran Ostojic
