JPMorgan Chase CEO Jamie Dimon calls bitcoin a “hyped scam.” The executive questioned the supply cap for the cryptocurrency and expects pictures of Bitcoin pseudonym creator Satoshi Nakamoto to pop up and laugh at us all when the supply of Bitcoin reaches 21 million copies.
JP Morgan CEO on Bitcoin and its supply cap
Jamie Dimon, CEO of global investment bank JPMorgan Chase, reiterated his skepticism about bitcoin in an interview with CNBC on Thursday, the JPMorgan executive insisted.
Bitcoin itself is a hype scam. It’s a pet rock.
Commenting on the collapse of cryptocurrency exchange FTX, Dimon said, ” I am not surprised at all. I call them a decentralized Ponzi scheme. The hype about this was extraordinary.”
Dymon also reiterated his doubts about the21 million supply cap for BTC, suggesting that Bitcoin pseudonym creator Satoshi Nakamoto may remove the supply cap for the cryptocurrency He said. He said.
How do you know it will stop at 21 million? Maybe when it reaches 21 million, Satoshi’s picture will come out and he will laugh at you guys… By then, Satoshi will have taken out billions of dollars.
While bullish on blockchain technology, the JPMorgan boss stressed that ” Crypto itself does nothing. It is a pet rock.” And he told the news outlet: “I’m not interested in bitcoin, so we need to drop this subject.”
This isn’t the first time Dymon has questioned the limited supply of bitcoin; in October 2021, he said as much.” How do you know it will end up at 21 million? Have you all read the algorithm? Do you all believe it? I don’t know, I’ve always been skeptical of such things.” Last December, he compared crypto tokens to pet rocks. Additionally, he told a congressional hearing in September that cryptocurrencies like Bitcoin are a “decentralized Ponzi scheme.”
Many Bitcoin supporters mocked Dimon on social media for his lack of understanding. One tweeted: “Dimon just said on CNBC that Satoshi can increase the Bitcoin cap. He is an idiot, but I am sure most people agree with him. Satoshi has nothing to do with it, now it’s the code and the network.” Anothersaid: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that Satoshi’s laughing picture doesn’t appear in 21,000,000.” He opined. A thirdwrote:
Jamie Dimon either has no idea what bitcoin is, or knows exactly what it is, but scoffs and dismisses it out of pure fear that it is the ultimate destroyer of legacy banks’ core business of excessive and terrible fees.
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