JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Source Cap – Showcased Bitcoin News #JPMorgan #CEO #Jamie #Dimon #Phone calls #Bitcoin #Hypedup #Fraud #Expects #Satoshi #Nakamoto #Raise #BTC #Source #Cap #Highlighted #Bitcoin #News

JPMorgan Chase CEO Jamie Dimon phone calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s offer cap, expecting a photograph of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and giggle at us all when bitcoin’s offer hits 21 million cash.

JPMorgan’s CEO on Bitcoin and Its Provide Cap

The CEO of worldwide investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed:

Bitcoin itself is a hyped-up fraud. It’s a pet rock.

With regards to the collapse of cryptocurrency trade FTX, Dimon commented: “I’m not astonished at all. I simply call them a decentralized Ponzi plan. The hype about this issue has been extraordinary.”

Dimon also reiterated his question about BTC’s 21 million source cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could take out the cryptocurrency’s supply restrict. He reported:

How do you know it’s heading to cease at 21 million? Possibly it’s going to get to 21 million and Satoshi’s picture is heading to come up and chortle at you all … and by then Satoshi would have taken out billions of bucks.

Although he is bullish on blockchain technology, the JPMorgan manager pressured: “Crypto itself does not do nearly anything. It is a pet rock.” He then advised the news outlet: “I don’t care about bitcoin so we really should drop this topic.”

This was not the first time Dimon questioned bitcoin’s confined supply. In Oct 2021, he likewise stated: “How do you know it ends at 21 million? You all study the algorithms? You men all imagine that? I never know, I’ve often been a skeptic of things like that.” Very last December, he likened crypto tokens to pet rocks. In addition, he mentioned all through a congressional hearing in September that cryptocurrencies, like bitcoin, are “decentralized Ponzi techniques.”

Quite a few bitcoin proponents mocked Dimon on social media for his deficiency of knowing. Just one tweeted: “Dimon just claimed on CNBC that Satoshi can maximize the Bitcoin cap. He’s an fool but I am positive most individuals agree with him. Satoshi is irrelevant, it is the code and the network now.” A further opined: “It’s unfortunate that Jamie Dimon doesn’t realize that you can glance at the supply code to know that a laughing image of Satoshi does not appear up at 21,000,000.” A 3rd wrote:

Jamie Dimon either has no clue what Bitcoin is, or he is familiar with just what it is, nevertheless ridicules and dismisses it out of pure anxiety of it currently being the supreme disruptor to legacy banking’s core business enterprise of extreme and egregious costs.

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What do you consider about Jamie Dimon’s perspective on bitcoin and his expectation that Satoshi’s image will pop up at 21 million cash? Let us know in the remarks area down below.

Kevin Helms

A scholar of Austrian Economics, Kevin uncovered Bitcoin in 2011 and has been an evangelist ever because. His pursuits lie in Bitcoin safety, open-supply devices, network results and the intersection in between economics and cryptography.

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