Satoshi Will ‘Laugh At You All’—JPMorgan CEO Jamie Dimon Mocks Bitcoin And Crypto With Devastating Price Prediction
JPMorgan’s long-time chief executive Jamie Dimon is no fan of bitcoin or other public cryptocurrencies—despite his bank developing its own blockchain and digital currency.
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The bitcoin price has swung wildly over the last few years, rocketing to almost $70,000 per bitcoin before crashing back (though some think bitcoin is now “ready to run”).
Now, Dimon has called bitcoin “a waste of time” and questioned what will happen when bitcoin’s supply peaks at 21 million coins—something that’s not expected to happen until well into the next century.
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JPMorgan chief executive Jamie Dimon has repeatedly branded bitcoin a “fraud” as its price swings … [+] wildly.
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“How do you know it’s going to stop at 21 million,” Dimon asked CNBC a reporter on the sidelines of the World Economic Forum in Davos who said bitcoin’s fixed supply made it a scarce store of value comparable to digital gold. “Everyone says that,” Dimon said. “Well, maybe it’s going to get to 21 million and [bitcoin’s mysterious founder] Satoshi’s picture is going to come up and laugh at you all.”
Satoshi Nakamoto, an anonymous person or group that published bitcoin’s white paper in 2008, apparently abandoned the project shortly after launch, saying they had “moved on to other things.”
Theoretically, bitcoin’s so-called “hard cap” of just over 21 million coins could be changed via a similar process that saw some in the bitcoin community attempt to raise the number of transactions bitcoin can process in 2017. The attempt led to the new version of bitcoin splitting off from the network, renamed bitcoin cash.
“I think all that is a waste of time, and why you guys waste any breath on it is beyond me,” Dimon, who called bitcoin “worthless” in 2021 amid its huge Covid-era price pump and first branded it a “fraud” in 2017. “Bitcoin itself is a hyped-up fraud,” Dimon reiterated. “It’s a pet rock.”
Dimon was also asked about efforts by BlackRock
BLK
, the world’s largest asset manager, to build out cryptocurrency infrastructure.
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The bitcoin price has rocketed higher over the last few years, crashing back from a peak of almost … [+] $70,000 per bitcoin and wiping $2 trillion from the combined crypto market.
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Last year, BlackRock partnered with U.S.-listed bitcoin and crypto exchange Coinbase to make crypto directly available to institutional investors and launched an institutional-investor-focused spot bitcoin private trust that tracks the bitcoin price.
“That’s different,” Dimon said, before praising bitcoin’s underlying blockchain technology that underpins other cryptocurrencies. “We think [blockchain] will be deployable but we’ve been talking about that for 12 years and very little has been done.”
While the bitcoin price has suffered an almighty crash over the last year, bitcoin proponents such as Cathie Wood, the chief executive of technology disruption investor Ark Invest, have pointed to bitcoin not “skipping a beat” despite the price crash as evidence of its stability and resilience.
