JPMorgan Chase CEO Jamie Dimon calls bitcoin a “fashionable fraud”. The executive questioned the cryptocurrency supply cap, expecting a photo of pseudonymous bitcoin creator Satoshi Nakamoto to appear and laugh at us all when bitcoin supply reaches 21 million pieces.
JPMorgan CEO on Bitcoin and its Supply Cap
Global investment bank JPMorgan Chase CEO Jamie Dimon reiterated his skepticism about bitcoin in an interview with CNBC on Thursday. The JPMorgan executive claimed:
Bitcoin itself is a fashionable fraud. It’s a pet.
Regarding the collapse of the FTX cryptocurrency exchange, Dimon commented, “I am not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.
Dimon also reiterated his doubts about the 21 million BTC supply cap, suggesting that pseudonymous Bitcoin creator Satoshi Nakamoto may remove the cryptocurrency’s supply cap. He said:
How do you know it’s going to stop at 21 million? Maybe it’ll hit 21 million and Satoshi’s picture will pop up and laugh at y’all…and by then Satoshi will have cashed out billions of dollars.
While bullish on blockchain technology, the JPMorgan boss pointed out, “Crypto itself does nothing. It’s a pet rock. He later told the outlet, “I don’t care about bitcoin, so we should drop that topic.”
This wasn’t the first time Dimon questioned Bitcoin’s limited supply. In October 2021, he also said, “How do you know it ends at 21 million? Have you all read the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical of this sort of thing. Last December, he compared crypto tokens to pet rocks. Additionally, he told a congressional hearing in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi schemes.”
Many bitcoin supporters have mocked Dimon on social media for his lack of understanding. One tweeted“Dimon just said on CNBC that Satoshi can raise the Bitcoin cap. He’s an idiot but I’m sure most people agree with him. Satoshi is irrelevant, it’s code and network now. Another one opined: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a laughing image of Satoshi doesn’t make it to 21,000,000.” A third wrote:
Jamie Dimon has no idea what Bitcoin is, or he knows exactly what it is, but ridicules it and rejects it out of sheer fear that it is the ultimate disruptor of the legacy banking core business, to namely excessive and blatant charges.
What do you think of Jamie Dimon’s take on bitcoin and his expectation for Satoshi’s photo to appear at 21 million coins? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.