JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The enforcement questioned the cryptocurrency’s proviso cap, expecting a representation of bitcoin’s pseudonymous creator Satoshi Nakamoto to popular up and laughter astatine america each erstwhile bitcoin’s proviso hits 21 cardinal coins.

JPMorgan’s CEO connected Bitcoin and Its Supply Cap

The CEO of planetary concern slope JPMorgan Chase, Jamie Dimon, reiterated his skepticism astir bitcoin successful an interrogation with CNBC Thursday. The JPMorgan enforcement claimed:

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

Regarding the illness of cryptocurrency speech FTX, Dimon commented: “I’m not amazed astatine all. I telephone them a decentralized Ponzi scheme. The hype astir this happening has been extraordinary.”

Dimon besides reiterated his uncertainty astir BTC’s 21 cardinal proviso cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could region the cryptocurrency’s proviso limit. He said:

How bash you cognize it’s going to halt astatine 21 million? Maybe it’s going to get to 21 cardinal and Satoshi’s representation is going to travel up and laughter astatine you each … and by past Satoshi would person taken retired billions of dollars.

While helium is bullish connected blockchain technology, the JPMorgan brag stressed: “Crypto itself doesn’t bash anything. It’s a favored rock.” He past told the quality outlet: “I don’t attraction astir bitcoin truthful we should driblet this subject.”

This was not the archetypal clip Dimon questioned bitcoin’s constricted supply. In October 2021, helium likewise said: “How bash you cognize it ends astatine 21 million? You each work the algorithms? You guys each judge that? I don’t know, I’ve ever been a skeptic of worldly similar that.” Last December, helium likened crypto tokens to pet rocks. Moreover, helium said during a legislature proceeding successful September that cryptocurrencies, similar bitcoin, are “decentralized Ponzi schemes.”

Many bitcoin proponents mocked Dimon connected societal media for his deficiency of understanding. One tweeted: “Dimon conscionable said connected CNBC that Satoshi tin summation the Bitcoin cap. He’s an idiot but I americium definite astir radical hold with him. Satoshi is irrelevant, it’s the codification and the web now.” Another opined: “It’s bittersweet that Jamie Dimon doesn’t recognize that you tin look astatine the root codification to cognize that a laughing representation of Satoshi doesn’t travel up astatine 21,000,000.” A 3rd wrote:

Jamie Dimon either has nary hint what Bitcoin is, oregon helium knows precisely what it is, yet ridicules and dismisses it retired of axenic fearfulness of it being the eventual disruptor to bequest banking’s halfway concern of excessive and egregious fees.

What bash you deliberation astir Jamie Dimon’s presumption connected bitcoin and his anticipation that Satoshi’s representation volition popular up astatine 21 cardinal coins? Let america cognize successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.