Jamie Dimon, CEO of JPMorgan Chase, calls bitcoin “a hyped-up scam.” The executive questioned the cryptocurrency’s supply cap, expecting an image of bitcoin’s pseudonymous creator Satoshi Nakamoto to appear and laugh at us all when bitcoin’s supply reaches 21 million coins.
JPMorgan’s CEO on Bitcoin and its supply chain
Global investment bank JPMorgan Chase CEO Jamie Dimon reiterated his skepticism about bitcoin in an interview with CNBC on Thursday. The JPMorgan CEO claimed:
Bitcoin itself is a hyped-up scam. It is a pet stone.
Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.”
Dimon also echoed doubts about BTC’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply cap. He said:
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 come up and laugh at you all…and then Satoshi would have cashed out billions of dollars.
While he is bullish on blockchain technology, the JPMorgan chief stressed: “Crypto itself does nothing. It’s a pet rock.” He told the news agency: “I don’t care about bitcoin, so we should drop this topic.”
This wasn’t the first time Dimon questioned bitcoin’s limited supply. In October 2021, he said in the same way: “How do you know it will end up at 21 million? Do you read all the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical of such things.” Last December, he compared crypto tokens to pet rocks. Also, he said during a congressional hearing in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi schemes.”
Many bitcoin supporters mocked Dimon on social media for his lack of understanding. One tweeted: “Dimon just said on CNBC that Satoshi can raise the Bitcoin ceiling. 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 meant: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a ridiculous image of Satoshi won’t get to 21,000,000.” A third wrote:
Jamie Dimon either has no idea what Bitcoin is, or he knows exactly what it is, but ridicules and dismisses it out of sheer fear that it will be the ultimate disruption to legacy banks’ core business with exorbitant and outrageous fees.
What do you think of Jamie Dimon’s views on bitcoin and his expectation that Satoshi’s image will appear with 21 million coins? Let us know in the comments section below.
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