‘Bitcoin is worthless and supply is not limited’
According to the CEO of a major investment bank, Bitcoin is worthless and the supply is not limited. According to him, many more coins than the agreed 21 million will become available.
We wrote about this CEO before. It’s Jamie Dimon, CEO of JPMorgan. And he reiterated his anti-Bitcoin stance on Monday at the Institute of International Finance (IIF) annual membership meeting, 2021, which was held virtually.
Bitcoin is worthless and not limited
“Blockchain can be real, stablecoins can be real,” Dimon said. “It doesn’t matter what anyone in this room thinks, nor what a libertarian thinks, nor what anyone thinks, the government will regulate it.” Personally, I think Bitcoin is worthless, he continued quickly.
The CEO of JPMorgan has long been a Bitcoin skeptic. Earlier this month, he said Bitcoin had no intrinsic value and that 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 various cryptocurrency investments to clients.
Dimon went on to question Bitcoin’s scarcity, specifically the cryptocurrency’s 21 million coin supply, stating: I’m just challenging the group to one more thing: How do you know it ends at 21 million? Have you all read the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical about that sort of thing.
Comments
Of course, when a CEO of such an important bank makes such bold statements, many people react to 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 ambiguous. I pray that I remain unbiased for the rest of my life.”
Venture investor Stephen Cole opined, “Even the richest, most influential people in the world have no idea about Bitcoin.”
