The CEO of global investment bank JPMorgan, Jamie Dimon, says bitcoin is “worthless,” questioning whether the supply of bitcoin is actually limited. He likewise kept in mind that blockchain and stablecoins can be genuine, highlighting that federal governments are going to manage the market.
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 stated. “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 believe 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 stressed: “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 actually long been a bitcoin doubter. Earlier this month, he stated bitcoin had no intrinsic worth and regulators will “regulate the hell out of it.” In May, he advised people to “stay away” from cryptocurrency. Despite Dimon’s anti-crypto position, JPMorgan is presently providing a number of cryptocurrency financial investments to customers.
Dimon reportedly went on to question bitcoin’s scarcity, specifically the cryptocurrency’s supply of 21 million coins, stating:
I’ll simply challenge the group to another thing: how do you understand it ends at 21 million? You all read the algorithms? You people all think that? I don’t know, I’ve always been a skeptic of stuff like that.
Many individuals required to Twitter to discuss Dimon’s declaration 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 just 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 creator Erik Voorhees composed, “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.”
