JPMorgan Chase CEO Jamie Dimon has once again expressed his strong opposition to Bitcoin and other cryptocurrencies, suggesting that they are primarily used by criminals and should be banned. Speaking before the Senate Banking Committee, Dimon stated that the only true use case for cryptocurrencies is for illegal activities such as drug trafficking, anti-money laundering, and tax avoidance. He argued that cryptocurrencies offer anonymity, instantaneous transactions, and the ability to bypass government regulations on banking institutions. Senator Elizabeth Warren echoed Dimon’s concerns and called for updated banking rules to apply to crypto companies.This is not the first time Dimon has criticized cryptocurrencies. He has previously warned investors to stay away from Bitcoin, claiming it has no intrinsic value and is a decentralized Ponzi scheme. Despite his opposition, JPMorgan analysts have published reports on the crypto industry’s outlook. In a research note earlier this year, the bank suggested that Bitcoin could reach $45,000 if it started resembling gold as an investment tool. Bitcoin recently reached $44,000 as the price of gold hit a new all-time high.