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 govt questioned the cryptocurrency’s provide cap, anticipating an image of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and snort at us all when bitcoin’s provide hits 21 million cash.

JPMorgan’s CEO on Bitcoin and Its Supply Cap

The CEO of worldwide funding financial institution JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan govt claimed:

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

Regarding the collapse of cryptocurrency change FTX, Dimon commented: “I’m not shocked in any respect. I name them a decentralized Ponzi scheme. The hype round this factor has been extraordinary.”

Dimon additionally reiterated his doubt about BTC’s 21 million provide cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto may take away the cryptocurrency’s provide restrict. He mentioned:

How have you learnt it’s going to cease at 21 million? Maybe it’s going to get to 21 million and Satoshi’s image goes to come back up and snort at you all … and by then Satoshi would have taken out billions of {dollars}.

While he’s bullish on blockchain know-how, the JPMorgan boss burdened: “Crypto itself doesn’t do something. It’s a pet rock.” He then instructed the information outlet: “I don’t care about bitcoin so we should always drop this topic.”

This was not the primary time Dimon questioned bitcoin’s limited supply. In October 2021, he equally mentioned: “How have you learnt it ends at 21 million? You all learn the algorithms? You guys all consider that? I don’t know, I’ve at all times been a skeptic of stuff like that.” Last December, he likened crypto tokens to pet rocks. Moreover, he mentioned throughout a congressional listening to in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi schemes.”

Many bitcoin proponents mocked Dimon on social media for his lack of know-how. One tweeted: “Dimon simply mentioned on CNBC that Satoshi can improve the Bitcoin cap. He’s an fool however I’m certain most individuals agree with him. Satoshi is irrelevant, it’s the code and the community now.” Another opined: “It’s unhappy that Jamie Dimon doesn’t perceive you can take a look at the supply code to know {that a} laughing image of Satoshi doesn’t come up at 21,000,000.” A 3rd wrote:

Jamie Dimon both has no clue what Bitcoin is, or he is aware of precisely what it’s, but ridicules and dismisses it out of pure worry of it being the last word disruptor to legacy banking’s core enterprise of extreme and egregious charges.

What do you concentrate on Jamie Dimon’s view on bitcoin and his expectation that Satoshi’s image will pop up at 21 million cash? Let us know within the feedback part under.