Jamie Dimon, the CEO of financial giant JPMorgan Chase, has consistently expressed his skepticism towards Bitcoin, using public platforms to voice his disapproval. One of his most notable attacks on the leading cryptocurrency came during an Institute of International Finance (IIF) event in October 2021. Dimon questioned the very foundation of Bitcoin’s technology: its hard cap of 21 million coins.
He questioned the certainty of this limit, 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.”
Dimon’s bold statement ignited debate within the cryptocurrency community, with many taking to social media to address his concerns. Renowned Bitcoin technologist Jameson Lopp posted a screenshot of the Bitcoin source code on X, with the caption, “Bruh it’s like 5 lines of code.”
While the code doesn’t explicitly mention the hard cap, it’s derived from the total number of coins allowed to be brought into circulation over time. Despite these factual responses, Dimon continued to express his doubts, repeating his concerns about the supply limit in January. He stated, “I think there’s a good chance, when we get to that 20 million Bitcoins… Satashi [sic] is going to come on there, laugh hysterically, go quiet, and all Bitcoins [are] going to be erased. How the hell [do] you know it’s going to stop at 21?”
Dimon’s criticism of Bitcoin has been unwavering. In December 2022, during Congressional testimony, he even called for a shutdown of the industry. He has repeatedly expressed his displeasure with discussing Bitcoin, famously dismissing it with an emphatic, “I don’t care” during the aforementioned IIF event.
It’s intriguing to note that JPMorgan, despite Dimon’s public stance, reported holding $42,000 worth of shares of Grayscale Bitcoin Trust (GBTC) in its latest 13F filing with the SEC. This seemingly contradictory action has further fueled speculation about JPMorgan’s true position on Bitcoin.
At the time of writing, Bitcoin was trading at $68,612.40, marking a 0.34% increase in the last 24 hours. JPMorgan shares closed at $225.43 on Friday, reflecting a 0.45% decline.
Dimon’s ongoing criticism of Bitcoin continues to be a focal point in the cryptocurrency world. His skepticism, coupled with JPMorgan’s reported holdings of GBTC, highlights the complex and often contradictory dynamics within the financial industry’s evolving relationship with cryptocurrencies.