In a controversial statement on Wednesday (17), Jamie Dimon, CEO of JPMorgan, strengthened his critical position towards Bitcoin, stating that the digital currency “has no use” and that it can be “erased” by its creator, Satoshi Nakamoto. .
Known for his negative opinions on the subject, Dimon compared Bitcoin to a “pet rock”reiterating his position that digital currency has no use case.
The comment from the president of one of the world’s most important financial institutions is nothing new. In 2021, at the height of cryptocurrencies, Dimon had already declared that Bitcoin was “useless”. Last year he reinforced that view at Davos, calling the currency an “exaggerated fraud.”
Interestingly, his recent criticism comes at a time when JPMorgan has started offering Bitcoin ETFs to its clients and the digital currency has seen a rise of more than 150% in the past year.
“Bitcoin is useless”
Despite his tough stance on Bitcoin, Dimon recognizes the value of blockchain technology, which JPMorgan uses. “Blockchain really exists. It will move money, it will move data. It is efficient”he admitted, distinguishing the technology born thanks to Bitcoin.
Dimon pointed out the potential of cryptocurrencies that use smart contracts, such as those based on Ethereum, noting that they offer more practical capabilities, such as in buying and selling real estate and transferring data.
In addressing Bitcoin’s dark implications, Dimon cited its use in illegal activities, including fraud, tax evasion and sex trafficking. However, he defended people’s right to use cryptocurrency.
“Bitcoin is useless, it is a darling. There are only cases of use in money laundering, tax evasion and sex trafficking… This is the last time I talk about bitcoin. I defend people’s right to have bitcoin, but my personal advice is: ‘don’t get involved’.”
“Let’s stop talking about this nonsense….”
The SEC’s recent approval of Bitcoin Exchange-Traded Funds (ETFs) highlights the cryptocurrency’s growing recognition and acceptance in the traditional financial market.
Major asset managers such as BlackRock and Fidelity have launched their own Bitcoin ETFs, signaling a potential massive influx of investment into the sector.
When asked about the issue, Dimon said he didn’t care and wanted to stop talking about Bitcoin.
“Let’s stop talking about this shit, this is the last time I’m going to talk about it,” he said, marking a possible end to his public comments on digital currencies.
“Satoshi Nakamoto returns and ‘deletes’ all bitcoins”
Since Bitcoin was still being debated in the interview, Dimon was visibly uncomfortable and demonstrated that he had no basic knowledge on the subject by proposing a scenario in which Satoshi Nakamoto could theoretically erase all existing Bitcoins.
The provocative suggestion came during a discussion about the nature and limited supply of digital currencies. Dimon expressed skepticism and questioned the certainty that the supply would actually stop.
He hypothesized that upon reaching the 21 million bitcoin limit, Satoshi could intervene and possibly erase all existing bitcoins, an event that, while he himself considers unlikely, he cannot rule out due to the enigmatic nature of the digital currency.
“I think there’s a chance that when we reach 21 million, Satoshi will show up, laugh hysterically and erase all the bitcoins.”he said. ‘How can you be sure that we will reach 21 million? I don’t know anyone who knows how this will actually happen.”he concluded.
However, the JPMorgan CEO’s statement reveals that the businessman does not have basic knowledge about Bitcoin as the digital currency operates on a decentralized network and its code is open, meaning anyone can review it.
In short, because Bitcoin’s code is open, anyone can examine it, understand how it works, and find vulnerabilities. This directly implies that no changes can be made without community consensus.
Furthermore, the Bitcoin network is maintained by a huge global community of miners and nodes, each with a copy of the entire ledger of all transactions.
This decentralized structure ensures that no individual or group has complete control over the Bitcoin blockchain. Changes to the protocol also require broad consensus among participants, a function that maintains the integrity and security of the network.
Therefore, Bitcoin’s structure and its open source make the idea that Satoshi Nakamoto or anyone else can erase all bitcoins technically unfeasible and contradictory.
See the excerpt from the interview below:
🚨””Satoshi will come back and take all the bitcoins with him” – Jamie Dimon, CEO of JPMorgan.
“Bitcoin is useless”, it is a pet rock.”
“How do you guarantee that there won’t be more than 21 million bitcoins”?
“I’m tired of talking about Bitcoin, stop talking about this nonsense.” pic.twitter.com/eoEvf554yk
— Livecoins (@livecoinsBR) January 17, 2024
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
