Fun

JPMorgan Boss Jamie Dimon Says Bitcoin Is Worthless, Questions BTC’s Limited Supply

News Feed - 2021-10-12 11:10:31

JPMorgan Boss Jamie Dimon Says Bitcoin Is Worthless, Questions BTC"s Limited Supply


The CEO of global investment bank JPMorgan, Jamie Dimon, says bitcoin is “worthless,” questioning whether the supply of bitcoin is actually limited. He also noted that blockchain and stablecoins can be real, emphasizing that governments are going to regulate the industry. Bitcoin Is Worthless and Supply May Not Be Capped, JPMorgan CEO Jamie Dimon Suggested


JPMorgan CEO Jamie Dimon reiterated his anti-bitcoin stance Monday at the 2021 Institute of International Finance (IIF) Annual Membership Meeting, which was held virtually.


“Blockchain can be real, stablecoins can be real,” Dimon said. “No matter what anyone in the room thinks, nor what any libertarian thinks, nor what anyone thinks about it, government’s going to regulate it.” He opined: I personally think that bitcoin is worthless.


But, “I don’t want to be a spokesperson. I don’t care. It makes no difference to me,” he added.


Nonetheless, the JPMorgan boss emphasized: “Our clients are adults. They disagree. That’s what makes markets, so if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”


The JPMorgan CEO has long been a bitcoin skeptic. Earlier this month, he said bitcoin had no intrinsic value and regulators will “regulate the hell out of it.” In May, he advised people to “stay away” from cryptocurrency. Despite Dimon’s anti-crypto stance, JPMorgan is currently offering several cryptocurrency investments to clients.


Dimon reportedly went on to question bitcoin’s scarcity, specifically the cryptocurrency’s supply of 21 million coins, stating: I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that.


Many people took to Twitter to comment on Dimon’s statement about the BTC supply. Some people expressed that they could not believe Dimon actually made the above statement while others posted the code for the JPMorgan executive to see.


Coinbase CEO Brian Armstrong simply tweeted: “Yes, I read it. And then I wrote it (coding up our own Bitcoin node) to make sure I understand it.”


Galaxy Digital CEO Mike Novogratz commented: “So strange. For a man who has done a brilliant job running a giant bank, his answers around BTC are sophomoric and he keeps doubling down on them. I pray I stay open-minded my whole life.”


Shapeshift founder Erik Voorhees wrote, “Never attribute to malice that which is adequately explained by stupidity.” Venture investor Stephen Cole opined, “Even the richest, most influential people in the world are clueless on Bitcoin.”


What do you think about Jamie Dimon’s comments about bitcoin? Let us know in the comments section below. FTX US Launches NFT Market — Users Can Trade and Mint Solana NFTs, ETH Support on the Way NEWS | 10 hours ago FBI Arrests Federal Employee Selling Restricted Data on Nuclear Submarines for Cryptocurrency NEWS | 14 hours ago Tags in this story 21 million, bitcoin limited supply, bitcoin"s limited supply, Jamie Dimon, jamie dimon bitcoin, jpmorgan, jpmorgan bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: 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 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. Read disclaimerShow comments

News Feed

EU launches probe into Apple, Google, Meta over violation of Digital Markets Act
Savannah Fortis12 hours agoEU launches probe into Apple, Google, Meta over violation of Digital Markets ActEU regulators have opened a non-compliance investigation into various marketing and ranking practices of Apple, G
Ethereum Consolidates Below $2,800 – Bulls Need This Level To Trigger Next Leg Up
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Alice Ivey8 hours ago7 most in-demand programming languages to learnStay ahead of the curve and develop in-demand programming skills with seven sought-after programming languages, including Python, Solidity, Rust and mor
Ana Paula Pereira4 hours agoFTX sues LayerZero Labs, seeks to recover over $21M moved prior to bankruptcyFTX is seeking the cancellation of agreements made days before it collapsed, as well as the return of millions tran
William Suberg1 hour agoWeekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this weekBitcoin battles $26,000, with BTC price action at a crucial decision point heading into the first week of Sep
IRS Building ‘Hundreds’ of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022
IRS Building "Hundreds" of Crypto Cases — Official Says $7 Billion in Crypto Seized in 2022 The Internal Revenue Service (IRS) is building “hundreds” of crypto cases
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets TheBitcoin.comTeam is excited to announce support for shared (multisig) wallets for Bitcoin and Bitcoin Cash in theBit
Ethereum Bullish Wave Towards ATH Coming? Here Are The Targets
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Web3 needs player-centric games for mass adoption — Websea exec
Zoltan Vardai11 hours agoWeb3 needs player-centric games for mass adoption — Websea execInstitutions are also becoming interested in Web3 gaming as more player-centric GameFi projects emerge.588 Total views2 Total shar
Locker Token and Euro Ice Hockey Champs Rögle BK To Host In-Person NFT Event
Locker Token and Euro Ice Hockey Champs Rögle BK To Host In-Person NFT Event press release PRESS RELEASE.Locker Token & Ice Hockey extraordinaires Rögle BK have officially ann
William Suberg9 hours agoBTC price pullback after $35K? Bitcoin funding rates turn ‘grossly positive’Bitcoin may see a deeper retracement at the hands of positive funding rates and a lack of bid liquidity below BTC p
Price analysis 7/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 7/3: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin price struggles to trade above $60,000, and the bullish setup displayed by altcoins is also beginning to crumble. I