JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins.
JPMorgan’s CEO on Bitcoin and Its Supply Cap
The CEO of global investment bank JPMorgan Chase, Jamie Dimon, reiterated his skepticism about bitcoin in an interview with CNBC Thursday. The JPMorgan executive claimed:
Bitcoin itself is a hyped-up fraud. It’s a pet rock.
Regarding the collapse of cryptocurrency exchange FTX, Dimon commented: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.”
Dimon also reiterated his doubt about BTC’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit. He said:
How do you know it’s going to stop at 21 million? Maybe it’s going to get to 21 million and Satoshi’s picture is going to come up and laugh at you all … and by then Satoshi would have taken out billions of dollars.
While he is bullish on blockchain technology, the JPMorgan boss stressed: “Crypto itself doesn’t do anything. It’s a pet rock.” He then told the news outlet: “I don’t care about bitcoin so we should drop this subject.”