JPMorgan CEO criticises Bitcoin (BTC) again

Tue 12 Oct 2021 ▪ 19h22 ▪ 3 min de lecture - par Katie Donaldson

Jamie Dimon, JPMorgan Chase chairman and CEO, continues to preach about Bitcoin’s supposed grim future. The head of the largest US bank has once again called the cryptocurrency worthless.

JPMorgan CEO remains true to his previous statements

The businessman has been a vocal critic of Bitcoin for many years now, even though the crypto market continues to prove him wrong again and again. Many crypto enthusiasts even joke that no bull run is over until Dimon blasts BTC again.

Sadly, it seems like nothing can change his opinion since he continues to retairate same remarks. “I personally think that Bitcoin is worthless,” the JPMorgan CEO said during an Institute of International Finance event on Monday. The reasons he gives for his opinion make it obvious how limited his knowledge on Bitcoin is.

Dimon couldn’t be more wrong

“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,” Dimon questioned.

…What?

The stipulation has been written into the source code and remains the key to Bitcoin’s value, since investors buy in on the assumption there are exactly 21 million coins.

Yes, anyone can change Bitcoin’s source code. However, such changes have to be accepted by the majority of miners, otherwise it creates a completely different coin. 

We don’t need to explain how absurd and outdated stances like Dimon’s are. The JPMorgan CEO clearly doesn’t understand how decentralised Bitcoin network functions and will surely jump on the bandwagon as soon as he realises his mistake.

JPMorgan still offers its clients exposure to cryptocurrencies despite the CEO’s opinion.

“Our clients are adults. They disagree. That’s what makes markets,” Dimon said. “So, if they want to have access to buy yourself Bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.” 

The businessman is also a proponent of crypto regulation by the government. He is sure that since all other types of assets are regulated, the same will happen with cryptocurrencies. “You can’t regulate everything a bank does in terms of moving money and not regulate what you would call money,” he added.

JPMorgan CEO Jamie Dimon has blasted Bitcoin again, saying that the cryptocurrency isn’t actually limited in quantity. His scepticism continues despite BTC reaching new highs. 

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.