According to Jamie Dimon, only criminals have real use for Bitcoin.

JPMorgan Chase CEO Jamie Dimon on Wednesday attacked Bitcoin and other cryptocurrencies, suggesting they are only useful to criminals and could also be banned.

“If I were the government, I would shut it down,” Dimon said of the crypto industry during a speech on Capitol Hill on Wednesday.

Bitcoin, banks and crime

Dimon was one of eight CEOs of major U.S. banks to testify before the Senate Banking Committee on Wednesday at a hearing on the annual oversight of Wall Street firms.

His comments came in response to a question from Sen. Elizabeth Warren (D-MA), a prominent congressional skeptic, who asked why crypto has become an attractive financial tool for terrorists, drug traffickers and rogue states.

“I've always been very against crypto, bitcoin, etc,” Dimon replied. It's the only real use case for it. [for] Criminals – drug traffickers, anti-money laundering, tax evasion… and that's a matter of use.

The CEO argued that crypto is suitable for these purposes because it offers “somewhat anonymous” fast transactions and bypasses the restrictions of all banking institutions controlled by the government and known by Anti-Money Laundering (AML). -Know Your Customer (KYC), and sanctions rules.

Senator Warren joined several other bank CEOs in pleading with Congress to act on anti-money laundering laws. It marked a rare point of cooperation between Warren and the executives, the former known as a fierce critic of the banking industry.

Demon Incompatibility for Crypto

Dimon's opposition to crypto is nothing new. In the past two years, a bank CEO has told investors to “stay away from bitcoin” saying it has “no intrinsic value” and that it's a “decentralized Ponzi scheme.”

Earlier this year, Dimon said he didn't believe Bitcoin's trademark supply cap of 21 million coins was actually true.

“How do you know it stops at 21 million?” CNBC asked during a January interview. “Maybe it will reach 21 million and Satoshi's photo will be taken and laughed at by all of you.

Despite the opposition, JPMorgan analysts publish regular reports on the outlook of the crypto industry.

A research note from the bank in May suggested that BTC could reach $45,000 this year if it begins to emulate gold as an investment vehicle.

Bitcoin shot up to $44,000 this week as gold rose to a new all-time high of $2,140 an ounce.