Satoshi Will Laugh at Y’all, JPMorgan CEO Jamie Dimon Laughs at Bitcoin and Crypto with Devastating Price Prediction

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JPMorgan’s longtime chief executive, Jamie Dimon, is not a fan of bitcoin or other public cryptocurrencies, despite his bank developing its own blockchain and digital currency.

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The price of bitcoin has risen tremendously over the past few years, reaching almost $70,000 per bitcoin before falling back (although some believe bitcoin is now “ready to go”).

Now, Dimon called bitcoin “a waste of time” and wondered what would happen when bitcoin’s supply peaks at 21 million coins, which isn’t expected to happen until the next century.

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“How do you know it’s going to stop at 21 million,” Dimon asked a CNBC reporter on the sidelines of the World Economic Forum in Davos, who said bitcoin’s fixed supply makes it a scarce store of value. comparable to digital gold. “Everyone says that,” Dimon said. “Well, maybe it’ll get to 21 million and [bitcoin’s mysterious founder] Satoshi’s picture will appear and laugh at all of you.”

Satoshi Nakamoto, an anonymous person or group who published Bitcoin’s white paper in 2008, apparently abandoned the project shortly after its launch, saying it had “moved on”.

Theoretically, bitcoin’s so-called “hard cap” of just over 21 million coins could be changed through a similar process that has seen some members of the bitcoin community attempt to increase the number of transactions bitcoin can process. in 2017. The attempt led to the new version of bitcoin separating from the network, rebranded as bitcoin cash.

“I think this is all a waste of time, and why you’re wasting your breath on this is beyond me,” Dimon, who called bitcoin “worthless” in 2021 amid its massive price pump Covid era and initially called it a “fraud”. in 2017. “Bitcoin itself is a fashionable fraud,” Dimon reiterated. “It’s a pet rock.”

Dimon was also asked about efforts by BlackRockBLK, the world’s largest asset manager, to build cryptocurrency infrastructure.

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Last year, BlackRock partnered with US-listed bitcoin and crypto exchange Coinbase to make crypto directly accessible to institutional investors and launched a private bitcoin trust targeted at institutional investors that tracks the price. bitcoin.

“It’s different,” Dimon said, before praising Bitcoin’s underlying blockchain technology that underpins other cryptocurrencies. “We think [blockchain] will be deployable, but we’ve been talking about it for 12 years and very little has been done.”

As the price of bitcoin suffered an almighty crash over the past year, bitcoin proponents such as Cathie Wood, the managing director of disruptive tech investor Ark Invest, pointed out that bitcoin doesn’t ” not skip a beat” despite falling prices as proof of its stability. and resilience.

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