Crypto

JPMorgan CEO Jamie Dimon calls bitcoin an “exaggerated scam” and expects Satoshi Nakamoto to raise the bitcoin supply limit

JPMorgan Chase CEO Jamie Dimon calls bitcoin an “exaggerated scam”. The leader questioned the cryptocurrency supply cap, expecting a photo of bitcoin pseudo-creator Satoshi Nakamoto to appear and laugh at us all when the bitcoin supply hits 21 million.

JPMorgan CEO on Bitcoin and their supply limit.

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

Bitcoin itself is a bloated scam. This is my favorite pebble.

Regarding the collapse of the FTX cryptocurrency exchange, Dimon commented: “I am not at all surprised. I call them a decentralized Ponzi scheme. The excitement around this thing was extraordinary.”

Jamie Dimon also confirmed his doubts about bitcoin, he suggested that the “pseudo-creator” of bitcoin, Satoshi Nakamoto, could remove the restriction on the issuance of cryptocurrency. He decreed:

How do you know it will stop at 21 million? Maybe it will hit 21 million and a picture of Satoshi will pop up and laugh at you… and by then Satoshi will have cashed out billions of dollars.

The head of JPMorgan noted that despite the optimism about blockchain technology, “Cryptocurrency itself does nothing. It’s a companion stone.” He then told the publication, “Bitcoin doesn’t excite me, so we should drop the subject.”

This was not the first time that Jamie Dimon questioned the limited supply of bitcoin. In October 2021, he similarly said: “How do you know it ends at 21 million? Have you all read algorithms? Do you all believe this? I don’t know, I’ve always been skeptical about these things. Last December, he compared cryptocurrency tokens to pet stones. In addition, in September, at a congressional hearing, he stated that cryptocurrencies such as Bitcoin are “decentralized Ponzi schemes.”

Many bitcoin proponents have ridiculed Jamie Dimon on social media for his incomprehension. One of them tweeted: “Dimon just said on CNBC that Satoshi could raise the bitcoin limit. He’s an idiot, but I’m sure most people agree with him. Satoshi doesn’t matter, it’s code and network now.” Another believes that: “It’s sad that Jamie Dimon doesn’t realize that one can look at the source code to find out that the laughing image of Satoshi doesn’t appear at 21,000,000.” The third one wrote:

Either 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 will be the ultimate destroyer of traditional banks’ core business, namely excessive and exorbitant fees. .

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