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Jamie Dimon, JPMorgan’s Boss, Says Bitcoin is Worthless and Questions Bitcoin’s Limited Supply

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

Jamie Dimon, the CEO of JPMorgan Global Investment Bank, claims bitcoin is “worthless”, questioning whether there is a limited supply. He noted that stablecoins and blockchain can exist, and stressed that the government is going to regulate this 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. “Regardless of what anyone in this room thinks or what any libertarian thinks or what anyone else thinks about it,” he stated .

I personally think that bitcoin is worthless.

But I don’t want be a spokesperson. I don’t care. He said that it didn’t matter to him.

However, JPMorgan’s boss stressed that clients were adults. They don’t agree. They disagree.

The JPMorgan CEO is a long-time 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? Did you all see the algorithms? That is what you guys believe? I don’t know. I’ve always been skeptical about such things.

Many people took to Twitter to comment on Dimon’s statement about the BTC supply. Some people said they couldn’t believe Dimon made the above statement, while others posted the code to JPMorgan executives.

Coinbase CEO Brian Armstrong tweeted: “Yes. I read it. Then I wrote it (coding our own Bitcoin node), to ensure I understood 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 that I remain open-minded throughout my entire life
Erik Voorhees, founder of

Shapeshift, wrote that “Never attribute malice that is adequately explained by stupidity.” Stephen Cole, venture investor, stated, “Even some of the most powerful and influential people in the world, they are clueless about Bitcoin .”

.”

What do you think about Jamie Dimon’s comments about bitcoin? Comment below.

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Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
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The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.