Investors make too many assumptions about Bitcoin BTC/USD? JPMorgan Chase & Co JPM CEO Jamie Dimon is optimistic about blockchain technology, but Bitcoin is a different story.
“How do you know it’s going to stop at 21 million? … maybe it will be 21 million and Satoshi’s picture will pop up and laugh at you all,” Dimon said during a Jan. 19 appearance on CNBC. Squawk box.”
What you should know: Satoshi Nakamoto is an allegedly pseudonymous person responsible for the creation of Bitcoin. Many argue that Bitcoin is of value due to its scarcity as the maximum number of coins that can be mined is limited to 21 million according to Bitcoin’s source code.
Related link: Satoshi Nakamoto’s latest news before disappearance, the odds of 250,000 BTC in 2023
Dimon reminded listeners that nobody really knows what will happen, but he has strong opinions about the world’s oldest and most valuable cryptocurrency.
“Bitcoin itself is a hyped scam, a pet rock‘ Dimon said.
“I think it was all a waste of time and why you guys are wasting your breath on it is beyond me,” he told CNBC during an interview at the World Economic Forum.
Blockchain, On the other hand, it’s a technology legator system and it’s very different from cryptocurrency tokens, he said, adding JPMorgan uses blockchain technology to move information and money.
The rest is more of a “decentralized Ponzi scheme,” Dimon said.
“I don’t care about bitcoin, so we should just drop the subject.”
It may take a while to find out if Dimon’s reasoning is correct. Bitcoin is not expected to reach the 21 million mark until 2040.
Look at that: If you had invested $1,000 in Bitcoin when Tesla bought the crypto, here’s what you would have now:
Originally published January 19, 2022.
Photo: tumisu from Pixabay.