Global investment bank JPMorgan CEO Jamie Dimon says Bitcoin is “worthless” and wonders if Bitcoin supply is actually limited. He also noted that blockchain and stablecoins can be real, and stressed that governments will regulate the industry.
Bitcoin is worthless and the supply may not be limited, suggested Jamie Dimon, CEO of JPMorgan
Jamie Dimon, CEO of JPMorgan, reiterated his anti-Bitcoin stance on Monday at the Institute of International Finance (IIF) 2021 annual members meeting, which was held virtually.
“Blockchain can be real, stablecoins can be real,” said Dimon. “No matter what anyone in the room thinks, what a libertarian thinks, or what anyone thinks about it, the government will regulate it.”
Personally, I think Bitcoin is worthless.
But: “I don’t want to be a speaker. I do not care. It doesn’t make a difference to me, ”he added.
Nevertheless, the JPMorgan boss emphasized: “Our customers are adults. You disagree. That’s what markets are all about. So if they want access to buy Bitcoin, we can’t keep them, but we can give them legitimate, as clean access as possible. “
JPMorgan’s CEO has long been a bitcoin skeptic. Earlier this month, he said Bitcoin had no intrinsic value and that regulators were “regulating hell”. In May, he advised people to stay away from cryptocurrencies. Despite Dimon’s anti-crypto stance, JPMorgan is currently offering several cryptocurrency investments to its clients.
Dimon reportedly questioned the scarcity of Bitcoin, specifically the cryptocurrency’s supply of 21 million coins, stating:
I’m just challenging the group on one other thing: how do you know it’ll end at 21 million? Have you read all of the algorithms? Do you all believe that? I don’t know, I’ve always been a skeptic about that sort of thing.
Lots of people went to Twitter to comment on Dimon’s testimony about the BTC offering. Some people expressed that they couldn’t believe Dimon actually made the above statement while others posted the code for the JPMorgan manager to see.
Coinbase CEO Brian Armstrong simply tweeted, “Yeah, I read it. And then I wrote it (encoded our own bitcoin node) to make sure I understood. “
Mike Novogratz, CEO of Galaxy Digital, commented, “So strange. For a man who did a brilliant job running a huge bank, his answers are around BTC in his sophomore year and he keeps doubling them. I pray that I will stay open my whole life. “
Shapeshift founder Erik Voorhees wrote, “Never attribute what is appropriately explained by stupidity to malice.” Venture investor Stephen Cole said, “Even the richest and most influential people in the world have no clue about Bitcoin.”
What do you think of Jamie Dimon’s comments on Bitcoin? Let us know in the comments section below.
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