JPMorgan Chase CEO Jamie Dimon calls bitcoin “exaggerated fraud“. The executive questioned the crypto-currency’s supply cap, expecting a picture of bitcoin’s pseudo-creator, Satoshi Nakamoto, to appear and mock us all when bitcoin’s supply reaches 21 million coins.
JPMorgan CEO on bitcoin and its supply limit.
Global investment bank JPMorgan Chase CEO Jamie Dimon reiterated his skepticism of bitcoin in an interview with CNBC on Thursday. The JPMorgan executive stated:
Bitcoin itself is an exaggerated fraud. It’s a pet pebble.
Regarding the collapse of the FTX crypto-currency exchange, Dimon commented, “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.“
Jamie Dimon also reiterated his doubts about Bitcoin, he suggested that the “pseudo-creator” of bitcoin, Satoshi Nakamoto, could remove the supply limit of the crypto-currency. He stated:
How do you know it’s going to stop at 21 million? Maybe it’s going to get to 21 million and Satoshi’s picture is going to pop up and laugh at all of you … and by then Satoshi will have pulled out billions of dollars.
Although he is optimistic about blockchain technology, the JPMorgan boss stressed, “The crypto itself does nothing. It’s a pet rock“. He then told the media, “I don’t care about bitcoin, so we should drop this topic.“
This was not the first time Jamie Dimon questioned the limited supply of bitcoins. In October 2021, he similarly stated, “ How do you know it ends at 21 million? Have you all read the algorithms? Do you all believe in them? I don’t know, I’ve always been skeptical of this stuff.“Last December, he compared crypto-currency tokens to pet rocks. In addition, he told a congressional hearing in September that crypto-currencies, like bitcoin, are “decentralized Ponzi schemes.“
Not particularly, but I see no reason to continue to fawn over him. Jamie Dimon just said on CNBC that Satoshi can increase the Bitcoin cap. He’s an idiot but I am sure most people agree with him. Satoshi is irrelevant, it’s the code and the network now
– Patrick Motorist (@BitcoinMotorist) January 20, 2023
Many bitcoin supporters have mocked Jamie Dimon on social media for his lack of understanding. One of them tweeted: ” Dimon just said on CNBC that Satoshi can raise the Bitcoin cap. He’s an idiot but I’m sure most people agree with him. Satoshi is irrelevant, it’s the code and the network now.“Another considered that: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a laughing image of Satoshi doesn’t appear at 21,000,000.“A third wrote:
Either Jamie Dimon has no idea what bitcoin is, or he knows exactly what it is, but he ridicules and dismisses it out of sheer fear that it will be the ultimate disruptor of traditional banks’ core business of excessive and exorbitant fees.