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. “No matter what anyone in the room thinks, nor what any libertarian thinks, nor what anyone thinks about it, government’s going to regulate it.” He opined:
I personally think that bitcoin is worthless.
But, “I don’t want to be a spokesperson. I don’t care. It makes no difference to me,” he added.
Nonetheless, the JPMorgan boss emphasized: “Our clients are adults. They disagree. That’s what makes markets, so if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”
The JPMorgan CEO has long been a 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? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that.
Many people took to Twitter to comment on Dimon’s statement about the BTC supply. Some people expressed that they could not believe Dimon actually made the above statement while others posted the code for the JPMorgan executive to see.
Coinbase CEO Brian Armstrong simply tweeted: “Yes, I read it. And then I wrote it (coding up our own Bitcoin node) to make sure I understand 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 I stay open-minded my whole life.”
Shapeshift founder Erik Voorhees wrote, “Never attribute to malice that which is adequately explained by stupidity.” Venture investor Stephen Cole opined, “Even the richest, most influential people in the world are clueless on Bitcoin.”