JP Morgan CEO Jamie Dimon Calls Bitcoin a ‘Flamed Up Scam’ – Satoshi Nakamoto Expects to Raise BTC Supply Cap – Bitcoin News to Watch

JP Morgan CEO Jamie Dimon Calls Bitcoin a ‘Flamed Up Scam’ – Satoshi Nakamoto Expects to Raise BTC Supply Cap – Bitcoin News to Watch

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 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.

Tags for this story

bitcoin scam, Bitcoin Satoshi Nakamoto, Decentralized Ponzi scheme, jamie dimon bitcoin, Jamie Dimon bitcoin scam, Jamie Dimon Bitcoin supply is limited, Jamie Dimon BTC, jamie dimon crypt, jamie dimon cryptocurrency, Jamie Dimon Satoshi Nakamoto, jp morgan bitcoin, pet rock

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.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

image credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS, OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.

#Morgan #CEO #Jamie #Dimon #Calls #Bitcoin #Flamed #Scam #Satoshi #Nakamoto #Expects #Raise #BTC #Supply #Cap #Bitcoin #News #Watch