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Jamie Dimon, CEO of JPMorgan, Calls Bitcoin 'Overblown Fraud' - Expects Satoshi Nakamoto to Raise BTC Supply Cap - Featured Bitcoin News

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a far-fetched scam.” The executive questioned the cryptocurrency’s supply cap, hoping that a photo of bitcoin creator Satoshi Nakamoto’s pseudonym would pop up and laugh at us all when the bitcoin supply hits 21 million coins.

JPMorgan CEO on Bitcoin and Its Supply Limit

The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC on Thursday. The JPMorgan executive stated:

Bitcoin itself is an exaggerated fraud. It’s a pet rock.

On the collapse of cryptocurrency exchange FTX, Dimon commented: “I am not surprised at all. I call them a decentralized Ponzi scheme. The hype around it has been extraordinary.”

Dimon also reiterated his doubt about BTC’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply cap. He said:

How do you know it will stop at 21 million? Maybe it gets to 21 million and Satoshi’s picture appears and laughs at you all… and then Satoshi would have withdrawn billions of dollars.

While he is bullish on blockchain technology, the head of JPMorgan emphasized, “The cryptography itself does nothing. It’s a pet rock. He then told the news agency: “I don’t care about bitcoin, so we should put that matter aside.”

This isn’t the first time Dimon has questioned limited bitcoin supply. In October 2021, he similarly 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 about things like that.” Last December, he compared cryptographic tokens to pet pebbles. Furthermore, he said during a congressional hearing in September that cryptocurrencies such as bitcoin are “decentralized Ponzi schemes”.

Many bitcoin advocates mocked Dimon on social media for his lack of understanding. 1 tweeted: “Dimon just said on CNBC that Satoshi might increase the limit on Bitcoin. He’s an idiot, but I’m sure most people would agree with him. Satoshi is irrelevant, it’s the code and the network now.” Other opined: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a laughing photo of Satoshi doesn’t go up to 21,000,000.” a third I wrote:

Jamie Dimon has no idea what Bitcoin is, or he knows exactly what it is, but he derides and dismisses it out of sheer fear that it will be the ultimate disruptor of the core business of the banking legacy of blatant and excessive fees.

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What do you think of Jamie Dimon’s views on bitcoin and his expectation that Satoshi’s image will appear on 21 million coins? Let us know in the comments section below.

Kevin Helms

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

image credits: Shutterstock, Pixabay, Wiki Commons

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