JPMorgan Chase CEO Jamie Dimon has called Bitcoin a “promoted scam”. An executive questions the cryptocurrency supply cap, and when the bitcoin supply hits his 21 million coins, a photo of Bitcoin pseudonym Satoshi Nakamoto shows up to make us all laugh. I was hoping for
JP Morgan CEO on Bitcoin and Its Supply Cap
Jamie Dimon, CEO of global investment bank JPMorgan Chase, echoed his Bitcoin skepticism in an interview with CNBC on Thursday. A JP Morgan executive argued:
Bitcoin itself is a hyped scam. pet rock.
Regarding the collapse of crypto exchange FTX, Dimon said, “I’m not surprised at all. I call them decentralized Ponzi schemes. The hype around this has been extraordinary.”
Damon also Bitcoin‘s supply cap of 21 million suggests that Bitcoin pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply cap. He said:
How do you know it stops at 21 million? Maybe it will reach 21 million and a picture of Satoshi will come out and make you all laugh…and Satoshi would have had billions of dollars by then.
While he is bullish on blockchain technology, the JP Morgan boss stressed: pet rock. ’” He later told the press:
This wasn’t the first time Dimon Bitcoin’s limited supply questionedIn October 2021 he similarly said: Have you read the algorithm? Do you believe that? I don’t know, I’ve always been skeptical of such things. Last December, he put his crypto token in pet rocksAdditionally, he said at a congressional hearing in September that cryptocurrencies like Bitcoin are “Decentralized Ponzi scheme“
Many Bitcoin supporters ridiculed Dimon’s lack of understanding on social media.one murmured: “Dimon said on CNBC that Satoshi could raise the Bitcoin cap. He’s an idiot, but I think most people would agree with him. Satoshi doesn’t matter, now it’s code and network.” another commented: “It’s sad that Jamie Dimon doesn’t understand that if you look at the source code you can’t figure out that 21,000,000 funny images of Satoshi don’t appear.” I have written:
Jamie Dimon either doesn’t know what Bitcoin is or knows exactly what it is, but it becomes the ultimate destroyer of legacy banking’s core business of excessive and exorbitant fees. Out of sheer terror, he ridicules and dismisses it.
What are your thoughts on Jamie Dimon’s take on Bitcoin and his expectations of Satoshi’s photo showing up with 21 million coins? Let us know in the comments section below.
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