JPMorgan CEO Jamie Dimon says Bitcoin is a fad fraud

[ad_1]

JP Morgan Chase is one of the oldest, largest and most popular financial institutions in the world. The company was founded on December 31, 2000 and is headquartered in New York.

JP Morgan Chase CEO Jamie Dimon stated his beliefs on bitcoin in an interview with news outlet CNBC, noting that bitcoin itself is a fad fraud. It’s a pet.

During the interview, Dimon also talked about the third largest cryptocurrency exchange in the world, FTX, which went bankrupt in November last year.

I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around these things has been extraordinary, Dimon said, referring to FTX.

Dimon recapped his uncertainty about the 21 million Bitcoin supply cap and suggested that pseudonymous developer Satoshi Nakamoto could remove that limit.

How do you know it’s going to stop at 21 million? Maybe it will reach 21 million, and Satoshi’s picture will make fun of all of you and by then, Satoshi would have withdrawn billions of dollars, he added.

JP Morgan became the first multinational bank to launch its services by launching the Onyx Lounge at Decentraland. However, the JP Morgan boss is bullish on blockchain technology.

Dimon points out that crypto itself does nothing. It’s a pet. “I don’t care about Bitcoin, so we should drop that topic,” Dimon added.

This is not the first time that Dimon has criticized Bitcoin. Earlier on October 13, 2022, at the Institute of International Finance meeting in Washington, he called Bitcoin dirty and expensive.

At a conference held in October 2021, Dimon called Bitcoin worthless.

He then asked about the lack of cryptos and ordered that his fixed capitalization of 21 million coins could be changed: I will only give the group a challenge to something else: how do you know it ends at 21 million? Do you all go through the algorithms? Do you all trust that? I’m not sure, but I’ve often asked about things like this.

He noted, “I think if you borrow money to buy bitcoin then you are a fool. That doesn’t mean its price can’t increase 10 times over the next five years.

This became extreme when Dimon told a congressional hearing in September that cryptocurrencies, like Bitcoin, are decentralized Ponzi schemes.

Patrick Motorist, a verified Twitter user, took aim at the CEO of JP Morgan Chase over his statement that Satoshi may remove the cryptocurrency supply limit.

Not particularly, but I see no reason to continue flattering him. Jamie Dimon just said on CNBC that Satoshi can raise Bitcoin’s cap. He’s an idiot but I’m sure most people agree with him. Satoshi is irrelevant, it’s code and network now

— Patrick Motorist (@BitcoinMotorist) January 20, 2023

Although several cryptocurrencies in the market do not have a fixed maximum supply, Bitcoin has a maximum limited supply of 21 million.

Ethereum, Dogecoin, Solana, Shiba Inu and Filecoin are tokens with no fixed maximum.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

Latest posts by Andrew Smith (see all)

[ad_2]