Cryptocurrency NewsJP Morgan's CEO Bitcoin Skepticism at Davos 2024

JP Morgan's CEO Bitcoin Skepticism at Davos 2024

During a CNBC interview at Davos 2024 on January 17, JPMorgan CEO Jamie Dimon once again expressed skepticism about Bitcoin. Dimon put forth a peculiar hypothesis, suggesting the potential for Bitcoin’s elimination after reaching its 21 million coin cap. He humorously speculated, “Once we hit that number of 21 million Bitcoins, I can almost envision [Satoshi Nakamoto] appearing, laughing out loud, then suddenly everything goes silent, and all Bitcoin vanishes.”

Furthermore, Dimon questioned the certainty of Bitcoin’s issuance stopping at 21 million, expressing doubt about its finite nature. “Who can confidently claim that Bitcoin issuance will halt at 21 million? I’ve yet to meet anyone who can assert that with absolute certainty,” he remarked.

During the panel, CNBC’s “Squawk Box” host Joe Kernen highlighted that the final Bitcoin wouldn’t be mined until roughly 2140, attributing this to the increasing complexity of mining. He also drew parallels between Bitcoin and gold in terms of economic characteristics. Dimon responded with a hint of agreement, saying, “Perhaps you’re right about that… but personally, I don’t invest in gold either.”

Dimon’s recent comments, particularly his mispronunciation of “Satoshi Nakamoto” as “Satashi” and his unconventional theories, have sparked considerable criticism and debate on social media.

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