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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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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