According to some reports, JPMorgan’s Chief Executive Officer Jamie Dimon calls the world’s largest crypto, Bitcoin, a hyped-up fraud. The executive questioned the crypto’s supply cap, expecting a picture of Bitcoin’s unknown creator Satoshi Nakamoto to pop up and laugh at us when the bitcoin supply hits 21 million coins.
Jamie Dimon calls Bitcoin a hyped-up fraud
In an interview, last Thursday with CNBC, the Chief Executive Officer of the global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin. He claimed that the world’s largest crypto, Bitcoin is a hyped-up fraud. It’s nothing more than a pet rock.
While talking about the collapse of the fraud crypto exchange FTX, Jamie said he was not surprised at all. He called it a decentralized Ponzi scheme. Jamie also mentioned that the hype around this thing is extraordinary.
Dimon also reiterated his doubt about the BTC’s 21 million supply cap, suggesting that BTC’s unknown creator Satoshi Nakamoto could remove the crypto’s supply limit. While he is positive about blockchain tech, JPMorgan CEO stressed, “crypto itself does not do anything. It’s a pet rock.” He told the news outlet that he does not care about bitcoin, so they should drop this subject.
However, this was not the first time Dimon questioned bitcoin’s limited supply. In October 2021, he similarly asked, “how do we know it ends at 21 million coins?” He added that he has always been skeptical of stuff like that. In December, 2021, he also likened crypto tokens to pet rocks. Jamie has also called bitcoin a decentralized Ponzi scheme multiple times.
Bitcoin proponents on social media mocked Dimon
Recent reports show JPMorgan Chief Executive Officer Jamie Dimon called the world’s largest crypto, Bitcoin, a hyped-up fraud. After he made this statement, many bitcoin proponents mocked him on social media for his lack of understanding of the tech. One user tweeted that Dimon said on CNBC that Satoshi could increase Bitcoin’s cap. He is an idiot, but I am sure that most people agree with them. The user added that Satoshi is irrelevant; it’s the code and the network now.
What are your thoughts about Jamie Dimon’s view on bitcoin and his expectation that Satoshi will pop up when Bitcoin reaches its maximum supply? Do you agree with him in any case? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.