JPMorgan Chase CEO Jamie Dimon calls bitcoin “an overblown fraud.” The executive questioned the cryptocurrency’s supply limit, hoping that a picture of the pseudonymous bitcoin creator Satoshi Nakamoto would appear and laugh at all of us when the bitcoin supply hits 21 million coins.
JPMorgan CEO on Bitcoin and its supply limit
The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC on Thursday. The JPMorgan executive stated:
Bitcoin itself is an exaggerated fraud. It’s a pet rock.
Regarding the collapse of the FTX cryptocurrency exchange, Dimon commented: “It doesn’t surprise me at all. I call them a decentralized Ponzi scheme. The hype around this has been extraordinary.”
Dimon also reiterated his doubt about BTCBitcoin’s 21 million supply cap, suggesting that pseudonymous bitcoin creator Satoshi Nakamoto could remove the cryptocurrency’s supply cap. He said:
How do you know it will stop at 21 million? Maybe it hits 21 million and Satoshi’s picture comes up and he laughs at all of you… and by then Satoshi will have made billions of dollars.
While bullish on blockchain technology, the JPMorgan chief emphasized: “Crypto itself does nothing. It’s a pet rock. He then told the news outlet: “I don’t care about Bitcoin, so we should drop this topic.”
This was not the first time Dimon had questioned the limited supply of bitcoin. In October 2021, he similarly said: “How do you know it ends at 21 million? Did everyone read the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical of things like that.” Last December, he compared crypto tokens to pet rocks. Furthermore, 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 limit. He’s a jerk, but I’m sure most people agree with him. Satoshi is irrelevant, now he is the code and the network ”. Other opined: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a laughing picture of Satoshi doesn’t appear in 21,000,000.” One third wrote:
Jamie Dimon has no idea what Bitcoin is, or knows exactly what it is, but ridicules and dismisses it out of sheer fear that it will be the main disruptor to the legacy banking core business of egregiously excessive fees.
What do you think about Jamie Dimon’s opinion on bitcoin and his expectation that Satoshi’s image will appear on 21 million coins? Let us know in the comments section.
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