Satoshi Will ‘Laugh At You All’—JPMorgan CEO Jamie Dimon Mocks Bitcoin And Crypto With Devastating Price Prediction


Former JPMorgan CEO Jamie Dimon is not a fan of bitcoin or other public cryptocurrencies.even though your bank is developing its own blockchain and digital currency.

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The bitcoin price has swung wildly in recent years, skyrocketing to nearly $70,000 per bitcoin before falling again (although some think Bitcoin is now “ready to go”).

Now, Dimon has called bitcoin “a waste of time” and has questioned what will happen when the bitcoin supply peaks at 21 million coins, something that is not expected to happen until well into the next century.

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“How do you know it will stop at 21 million”, Dimon I ask CNBC a reporter on the sidelines of the World Economic Forum in Davos who said bitcoin’s fixed supply made it a meager 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 photo will appear and laugh at all of you.”

Satoshi Nakamoto, an anonymous person or group that published bitcoins White paper in 2008, he apparently left the project shortly after release, saying they had “moved on to other things”.

theoreticallybitcoin’s so-called “cap” of just over 21 million coins could be changed through a similar process that saw some in the bitcoin community try to increase the number of transactions bitcoin can process in 2017. The attempt led to the new version of bitcoin breaking away from the network, renamed bitcoin cash.

“I think all of that is a waste of time, and why you guys are wasting your breath is beyond me,” said Dimon, who called bitcoin “worthless” in 2021 amid its huge Covid-era price surge and he first called it a “fraud.” ” in 2017. “Bitcoin itself is an over-the-top fraud,” Dimon reiterated. “It’s a pet rock.”

Dimon was also asked about BlackRock’s efforts.
BLACK
the world’s largest asset manager, to build a cryptocurrency infrastructure.

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Last year, BlackRock partnered with US-listed bitcoin and cryptocurrency exchange Coinbase to make cryptocurrency directly available to institutional investors and launched an investor-focused private bitcoin trust. institutions that tracks the price of bitcoin.

“That’s different,” Dimon said, before praising bitcoin’s underlying blockchain technology that underpins other cryptocurrencies. “We think [blockchain] It will be deployable, but we’ve been talking about it for 12 years and very little has been done.”

While the bitcoin price has taken a big plunge over the past year, bitcoin advocates like Cathie Wood, CEO of tech disruption investor Ark Invest, have pointed out that bitcoin doesn’t “skip a beat” despite price drop as evidence of its stability and resilience.

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