Jamie Dimon, CEO of JPMorgan Chase, calls Bitcoin “a hyped scam”. The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins.
JPMorgan CEO on Bitcoin and its supply cap
Global investment bank JPMorgan Chase CEO Jamie Dimon reiterated his skepticism about Bitcoin in an interview with CNBC on Thursday. JPMorgan’s board of directors claimed:
Bitcoin itself is a hyped scam. It’s a pet rock.
Regarding the collapse of cryptocurrency exchange FTX, Dimon commented, “I’m not surprised at all. I call it a decentralized Ponzi scheme. The hype surrounding this thing has been extraordinary.”
Dimon also reiterated his doubts about BTC’s 21 million supply cap, hinting that Bitcoin’s pseudonymous creator Satoshi Nakamoto could lift the cryptocurrency’s supply cap. He said:
How do you know it will stop at 21 million? Maybe it’ll be 21 million and Satoshi’s picture will pop up and laugh at you all… and by then Satoshi would have withdrawn billions of dollars.
While bullish on blockchain technology, the JPMorgan CEO stressed, “Crypto itself doesn’t do anything. It’s pet rock.” He then told the news outlet, “I don’t care about bitcoin, so we should drop this issue.”
This wasn’t the first time Dimon questioned Bitcoin’s limited supply. He similarly said in October 2021: “How do you know it ends at 21 million? You all read the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical about stuff like that.” Last December, he compared crypto tokens to pet rocks. Additionally, he said during a congressional hearing in September that cryptocurrencies like Bitcoin are “decentralized Ponzi schemes.”
Many Bitcoin advocates mocked Dimon on social media for his lack of understanding. one tweeted: “Dimon just said on CNBC that Satoshi may raise the bitcoin cap. He’s an idiot, but I’m sure most people would agree with him. Satoshi is irrelevant, it’s the code and the network now.” Others meant: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that at 21,000,000 there is no laughing image of Satoshi.” A third wrote:
Jamie Dimon either has no idea what Bitcoin is, or knows exactly what it is, but ridicules and dismisses it out of sheer fear that it could be the ultimate disruption to the core legacy banking business with inflated and outrageous fees.
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What are your thoughts on Jamie Dimon’s take on Bitcoin and his expectation of Satoshi’s image appearing at 21 million coins? Let us know in the comment section below.
Kevin Helms
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