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Jamie Dimon, the chief government officer of JPMorgan Chase, was not too long ago criticized when he mentioned he would “close down” Bitcoin (BTC) if he had been working the federal government, whereas testifying throughout a latest Wall Street oversight listening to by the US Senate Banking, Housing, and Urban Affairs committee on Capitol Hill.

Also Read: US SEC Delays Decision on Invesco and Galaxy Ethereum ETF

Jamie Dimon’s Anti-Bitcoin Stance

The JP Morgan CEO has lengthy been opposing the highest cryptocurrency. In the previous, he compared Bitcoin (BTC) with phrases like ‘Ponzi scheme’ and ‘hyped-up fraud’. Dimon continued his aggressive stance in opposition to BTC in his newest assertion, going so far as demanding a authorities shutdown of the crypto trade. However, there may be extra to it than meets the attention inside JP Morgan, a minimum of round blockchain know-how if not for investing in crypto belongings.

Interestingly, the CEO’s feedback got here at a time when monetary giants of the likes of Blackrock and Fidelity are vying for the approval of the primary ever spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC).

JP Morgan Crypto Unit’s Staff Multiplies

According to experiences, Onyx, the blockchain unit of JP Morgan, presently has round 300 staff in comparison with a headcount of simply 100 three years in the past. The experiences said Onyx is dealing with transactions price round $1 billion per day by way of blockchain.

Financial providers firm Fidelity, on the opposite aspect, has been vocal concerning the potential advantages of integrating crypto and blockchain in its merchandise. Earlier, CoinGape reported a Fidelity senior government’s feedback on the upside potential of holding some Bitcoin. In the house of below two months, the Bitcoin price (BTC) grew over 60%, owing to varied components together with the anticipation of the spot Bitcoin ETF approval anytime in 2024.

Also Read: Bitcoin ETF: SEC Chair’s New Take Leaves More Questions Than Answers

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Anvesh experiences main crypto updates round U.S. regulation and market shifting tendencies. Published over 1,200 articles to date on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.