{"id":16696,"date":"2023-01-21T01:39:43","date_gmt":"2023-01-21T01:39:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-ceo-jamie-dimon-calls-bitcoin-hyped-up-fraud-expects-satoshi-nakamoto-to-increase-btc-supply-cap-featured-bitcoin-news\/"},"modified":"2023-01-21T01:39:43","modified_gmt":"2023-01-21T01:39:43","slug":"jpmorgan-ceo-jamie-dimon-calls-bitcoin-hyped-up-fraud-expects-satoshi-nakamoto-to-increase-btc-supply-cap-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-ceo-jamie-dimon-calls-bitcoin-hyped-up-fraud-expects-satoshi-nakamoto-to-increase-btc-supply-cap-featured-bitcoin-news\/","title":{"rendered":"JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ \u2014 Expects Satoshi Nakamoto to Increase BTC Supply Cap \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

JPMorgan Chase CEO Jamie Dimon calls bitcoin \u201ca hyped-up fraud.\u201d The executive questioned the cryptocurrency\u2019s supply cap, expecting a picture of bitcoin\u2019s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin\u2019s supply hits 21 million coins.<\/strong><\/p>\n

JPMorgan\u2019s CEO on Bitcoin and Its Supply Cap<\/h2>\n

The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed:<\/p>\n

\n

Bitcoin itself is a hyped-up fraud. It\u2019s a pet rock.<\/p>\n<\/blockquote>\n

Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: \u201cI\u2019m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.\u201d<\/p>\n

Dimon also reiterated his doubt about BTC<\/a>\u2019s 21 million supply cap, suggesting that bitcoin\u2019s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency\u2019s supply limit. He said:<\/p>\n

\n

How do you know it\u2019s going to stop at 21 million? Maybe it\u2019s going to get to 21 million and Satoshi\u2019s picture is going to come up and laugh at you all \u2026 and by then Satoshi would have taken out billions of dollars.<\/p>\n<\/blockquote>\n

While he is bullish on blockchain technology, the JPMorgan boss stressed: \u201cCrypto itself doesn\u2019t do anything. It\u2019s a pet rock.\u201d He then told the news outlet: \u201cI don\u2019t care about bitcoin so we should drop this subject.\u201d<\/p>\n

This was not the first time Dimon questioned bitcoin\u2019s limited supply<\/a>. In October 2021, he similarly said: \u201cHow do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don\u2019t know, I\u2019ve always been a skeptic of stuff like that.\u201d Last December, he likened crypto tokens to pet rocks<\/a>. Moreover, he said during a congressional hearing in September that cryptocurrencies, like bitcoin, are \u201cdecentralized Ponzi schemes<\/a>.\u201d<\/p>\n

Many bitcoin proponents mocked Dimon on social media for his lack of understanding. One tweeted<\/a>: \u201cDimon just said on CNBC that Satoshi can increase the Bitcoin cap. He\u2019s an idiot but I am sure most people agree with him. Satoshi is irrelevant, it\u2019s the code and the network now.\u201d Another opined<\/a>: \u201cIt\u2019s sad that Jamie Dimon doesn\u2019t understand that you can look at the source code to know that a laughing picture of Satoshi doesn\u2019t come up at 21,000,000.\u201d A third wrote<\/a>:<\/p>\n

\n

Jamie Dimon either has no clue what Bitcoin is, or he knows exactly what it is, yet ridicules and dismisses it out of pure fear of it being the ultimate disruptor to legacy banking\u2019s core business of excessive and egregious fees.<\/p>\n<\/blockquote>\n

\n
\nTags in this story
\n<\/h6>\n
Bitcoin Fraud<\/a>, Bitcoin Satoshi Nakamoto<\/a>, decentralized Ponzi scheme<\/a>, jamie dimon bitcoin<\/a>, Jamie Dimon bitcoin fraud<\/a>, Jamie Dimon bitcoin limited supply<\/a>, Jamie Dimon BTC<\/a>, jamie dimon crypto<\/a>, jamie dimon cryptocurrency<\/a>, Jamie Dimon Satoshi Nakamoto<\/a>, jpmorgan bitcoin<\/a>, pet rock<\/a><\/div>\n<\/div>\n

What do you think about Jamie Dimon\u2019s view on bitcoin and his expectation that Satoshi\u2019s picture will pop up at 21 million coins? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n