JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The chief questioned the cryptocurrency’s provide cap, anticipating an image of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and chuckle at us all when bitcoin’s provide hits 21 million cash.

JPMorgan’s CEO on Bitcoin and Its Provide Cap

The CEO of worldwide funding financial institution JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan govt claimed:

Bitcoin itself is a hyped-up fraud. It’s a pet rock.

Relating to the collapse of cryptocurrency change FTX, Dimon commented: “I’m not shocked in any respect. I name them a decentralized Ponzi scheme. The hype round this factor has been extraordinary.”

Dimon additionally reiterated his doubt about BTC’s 21 million provide cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto might take away the cryptocurrency’s provide restrict. He mentioned:

How have you learnt it’s going to cease at 21 million? Perhaps it’s going to get to 21 million and Satoshi’s image goes to return up and chuckle at you all … and by then Satoshi would have taken out billions of {dollars}.

Whereas he’s bullish on blockchain know-how, the JPMorgan boss harassed: “Crypto itself doesn’t do something. It’s a pet rock.” He then advised the information outlet: “I don’t care about bitcoin so we must always drop this topic.”

This was not the primary time Dimon questioned bitcoin’s restricted provide. In October 2021, he equally mentioned: “How have you learnt it ends at 21 million? You all learn the algorithms? You guys all consider that? I don’t know, I’ve at all times been a skeptic of stuff like that.” Final December, he likened crypto tokens to pet rocks. Furthermore, he mentioned throughout a congressional listening to in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi schemes.”

Many bitcoin proponents mocked Dimon on social media for his lack of information. One tweeted: “Dimon simply mentioned on CNBC that Satoshi can enhance the Bitcoin cap. He’s an fool however I’m positive most individuals agree with him. Satoshi is irrelevant, it’s the code and the community now.” One other opined: “It’s unhappy that Jamie Dimon doesn’t perceive that you could take a look at the supply code to know {that a} laughing image of Satoshi doesn’t come up at 21,000,000.” A 3rd wrote:

Jamie Dimon both has no clue what Bitcoin is, or he is aware of precisely what it’s, but ridicules and dismisses it out of pure concern of it being the last word disruptor to legacy banking’s core enterprise of extreme and egregious charges.

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What do you concentrate on Jamie Dimon’s view on bitcoin and his expectation that Satoshi’s image will pop up at 21 million cash? Tell us within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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