JPMorgan CEO Jamie Dimon Calls Bitcoin 'Hyped-up Fraud' — Expects Satoshi Nakamoto to Increase BTC Supply Cap

JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap – Featured Bitcoin News

JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The government questioned the cryptocurrency’s provide cap, anticipating an image of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and snicker at us all when bitcoin’s provide hits 21 million cash.

JPMorgan’s CEO on Bitcoin and Its Supply Cap

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

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

Regarding the collapse of cryptocurrency trade FTX, Dimon commented: “I’m not stunned 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 might take away the cryptocurrency’s provide restrict. He stated:

How are you aware it’s going to cease at 21 million? Maybe it’s going to get to 21 million and Satoshi’s image goes to come up and snicker 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 harassed: “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 must always drop this topic.”

This was not the primary time Dimon questioned bitcoin’s limited supply. In October 2021, he equally stated: “How are you aware it ends at 21 million? You all learn the algorithms? You guys all imagine that? I don’t know, I’ve all the time been a skeptic of stuff like that.” Last December, he likened crypto tokens to pet rocks. Moreover, he stated 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 stated on CNBC that Satoshi can enhance 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 that you would be able to 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 final word disruptor to legacy banking’s core enterprise of extreme and egregious charges.

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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.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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