JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap

JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap
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JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins.

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:

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 reiterated his doubt about BTC’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. He said:

While he is bullish on blockchain technology, the JPMorgan boss stressed: “Crypto itself doesn’t do anything. It’s a pet rock.” He then told the news outlet: “I don’t care about bitcoin so we should drop this subject.”

This was not the first time Dimon questioned bitcoin’s limited supply. In October 2021, he similarly said: “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.” Last December, he likened crypto tokens to pet rocks. Moreover, he said during a congressional hearing in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi schemes.”

Many bitcoin proponents mocked Dimon on social media for his lack of understanding. One tweeted: “Dimon just said on CNBC that Satoshi can increase the Bitcoin cap. He’s an idiot but I am sure most people agree with him. Satoshi is irrelevant, it’s the code and the network now.” Another opined: “It’s sad that Jamie Dimon doesn’t understand that you can look at the source code to know that a laughing picture of Satoshi doesn’t come up at 21,000,000.” A third wrote:

What do you think about Jamie Dimon’s view on bitcoin and his expectation that Satoshi’s picture will pop up at 21 million coins? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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