Satoshi Will ‘Laugh at You All’ – JPMorgan CEO Jamie Dimon Taunts Bitcoin and Crypto with Ruinous Price Predictions
JPMorgan’s longtime CEO Jamie Dimon is no fan of bitcoin or other public cryptocurrencies — despite his bank developing its own blockchain and digital currency.
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The bitcoin price has fluctuated wildly in recent years, rocketing to nearly $70,000 per bitcoin before crashing back (although some believe bitcoin is now “ready to run”).
Now, Dimon has called bitcoin a “waste of time” and questioned what will happen when bitcoin’s supply peaks at 21 million coins — which isn’t expected to happen until well into the next century.
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“How do you know it’s going to stop at 21 million,” Dimon asked CNBC a reporter on the sidelines of the World Economic Forum in Davos who said bitcoin’s fixed supply made it a small store of value comparable to digital gold. “Everybody says that,” Dimon said. “Well, maybe it’s going to come to 21 million and [bitcoin’s mysterious founder] Satoshi’s picture is going to come up and laugh at all of you.”
Satoshi Nakamoto, an anonymous person or group who published bitcoin’s white paper in 2008, apparently left the project shortly after its launch, saying they had “moved on to other things.”
Theoretically, bitcoin’s so-called “hard cap” of just over 21 million coins could be changed via a similar process that saw some in the bitcoin community attempt to increase the number of transactions bitcoin can process in 2017. The attempt led to the new version of bitcoin that split from network, renamed bitcoin cash.
“I think this is all a waste of time and why you’re wasting your breath on it is beyond me,” Dimon, who called bitcoin “worthless” in 2021 amid its massive Covid-era price pump and initially branded it a “scam” . ” in 2017. “Bitcoin itself is a hyped-up scam,” Dimon reiterated. “It’s a pet rock.”
Dimon was also asked about the efforts of BlackRockBLK, the world’s largest asset manager, to build out cryptocurrency infrastructure.
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Last year, BlackRock partnered with US-listed bitcoin and crypto exchange Coinbase to make crypto directly available to institutional investors and launched an institutional investor-focused spot bitcoin private trust that tracks the bitcoin price.
“It’s different,” Dimon said, before praising bitcoin’s underlying blockchain technology that underpins other cryptocurrencies. “We believe [blockchain] will be deployable, but we’ve been talking about it for 12 years and very little has been done.”
While the price of bitcoin has seen an almighty crash over the past year, bitcoin supporters such as Cathie Wood, CEO of technology disruption investor Ark Invest, have pointed to bitcoin not “skipping a beat” despite the price crash as evidence of its stability. and resilience.
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