Despite the ongoing challenges in cryptocurrency market, digital asset enthusiasts are convinced that the future is bright for the sector. Bitcoin price has recently shown signs of a decline resurrection After a rough start to 2023, it has seen a significant increase in its price over the past few weeks.
But not everyone has the same positive outlook, including JPMorgan Chase CEO Jamie Dimon. In a recent World Economic Forum (WEF) interview with CNBC, he made harsh public statements on his approach Bitcoin and the crypto industry.
“I think it’s all a waste of time, and why you guys waste your breath on this is beyond me,” Dimon said in an interview on the sidelines of the WEF. Demon. “Bitcoin itself is a hyped-up fraud. It’s a pet rock.”
This is not the first time that Dimon has publicly shared his skepticism towards the crypto industry. In fact, he has been vocal about his views on digital assets since 2017, when he first called bitcoin a “fraud.”
Once the collapse of the second largest crypto exchange, ftxLast year, he argued that the entire crypto industry is a “complete sideshow”.
In response to Jamie Dimon’s negative statements about bitcoin, some have presented rebuttals to his claims, including CNBC anchor Joe Kernan, who challenged Dimon’s claim during an interview.
Kernan argued that bitcoin serves as a “store of value” and is “immutable” and “scarce”, citing bitcoin’s protocol. cryptocurrency Which limits the number of coins to 21 million.
In response, Dimon quipped, “How do you know it’s going to stop at 21 million? Well, maybe it’s going to reach 21 million and [bitcoin’s mysterious founder] Satoshi’s picture is about to come out and you’ll all be laughing.”
Despite these opposing views, it is worth noting that while Dimon may not believe in the potential of cryptocurrencies, he does recognize the value of the blockchain technology on which they are built.
During the same interview, he said that, “Blockchain is a technology ledger system that we use to transfer information. We have used it to do overnight repo, intraday repo, we have used it to move money.” So it’s a technology book that we think will be deployable.”
Indeed, JPMorgan has been investing in blockchain technology since 2017, when the bank participated in creating an open-source blockchain initiative called The Enterprise Ethereum Alliance.
The company also uses its own cryptocurrency, JPM Coin, to execute intraday repurchase agreements. However, Dimon also noted that the financial industry has been discussing the use of blockchain technology for 12 years, and in his opinion, “too little has been done” in terms of implementation.
Several people in the crypto community took to Twitter after the interview to criticize Dimon’s idea, including popular crypto figure and podcaster Peter McCormack, who wrote in a Twitter post: “JP Morgan CEO Jamie Dimon calls #bitcoin ‘hype- up fraud. Let’s forget that JP Morgan paid $2.6 billion for its role in the Madoff fraud, the largest Ponzi scheme in history. Bernie Madoff was able to launder billions of dollars through PM Morgan.”
Others scoffed at his lack of understanding of the open source code, noting that it’s easy enough to see that no shady scenario could play out with bitcoin, such as more than 21 million coins being created.
“How do you know it ends at 21M?” – Nice Jamie, you see it’s in the code. The code is open source completely transparent… and if you want to change 21M you need consensus otherwise it will be a hard fork,” replied one Twitter user.
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