JPMorgan CEO Criticizes Bitcoin and Casts Doubts on Its 21M Cap

  • Dimon has expressed his skepticism on the BTC supply ceiling of 21 million.
  • However, the JPMorgan CEO is optimistic about blockchain.

JPMorgan Chase CEO Jamie Dimon expressed his doubts about bitcoin once again in an interview with CNBC on Thursday. The JPMorgan executive said, “Bitcoin itself is a hyped-up fraud. It’s a pet rock.”

Dimon on the recent FTX fall stated:

“I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.”

Optimistic About Blockchain

Dimon has expressed his skepticism on the BTC supply ceiling of 21 million, implying that bitcoin’s pseudonymous founder Satoshi Nakamoto may unilaterally lift the cap.

The CEO stated:

“How do you know it’s going to stop at 21 million? Maybe it’s going to get to 21 million and Satoshi’s picture is going to come up and laugh at you all … and by then Satoshi would have taken out billions of dollars.”

While the JPMorgan CEO is optimistic about blockchain, he was quick to point out that “Crypto itself doesn’t do anything. It’s a pet rock.” Moreover, later, he informed the media source, “I don’t care about bitcoin so we should drop this subject.” Dimon has already cast doubt on the scarcity of bitcoin.

In the same vein, he said in October 2021:

 “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 sceptic of stuff like that.” 

In December of last year, he compared cryptocurrency tokens to pet rocks. He also spoke in September before Congress and called bitcoin and other cryptocurrencies “decentralized Ponzi schemes.”

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.