JPMorgan Boss Dimon Takes Another Badly Timed Swing at Bitcoin
Water is wet, the Pope is Catholic, a bear does its business in the woods and, yes, the JPMorgan boss Jamie Dimon is still blasting bitcoin (BTC) – which is up almost 7,000% since the CEO began calling it worthless back in 2014.
And yesterday, Dimon was speaking at an Institute for International Finance event, where he once again reiterated:
“I personally think that bitcoin is worthless.”
However, he added that JPMorgan’s clients are “adults,” and he was prepared to give them “as clean as possible access” to the coin – although his firm couldn’t currently “custody” BTC.
But Dimon appeared to be on a mission to outdo himself this time, and issued a challenge to the crypto community – one he may have ended up almost instantly regretting. He stated of the 21 million limit on BTC issuance:
“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.”
The CEO of the crypto exchange giant Coinbase Brian Armstrong popped up with a response on Twitter, writing that not only had he read the algorithm in question, but that he also “wrote it (coding up our own Bitcoin node) to make sure I understood it.”
Indeed, Twitter was teeming with bitcoiners and crypto community members lining up to take a pop at Dimon. @bantg wrote, sarcastically, “If only that algorithm was so simple it could fit in a tweet.” And then proceeded to do precisely that:
Armstrong, meanwhile, further mused that CEOs “without a science/engineering background are going to be at a disadvantage in the coming decades.” He added that this would “probably” also be the case for “politicians, journalists, and many roles.” The Coinbase chief concluded that “software is eating the world, changing every industry.”
Dimon has certainly not stood in the way of crypto progress at his firm, which is making moves in the sector by offering clients access to BTC markets. But that does not appear to have stopped him from baiting bitcoiners at every turn. In May this year, Dimon said: “I don’t care about bitcoin. I have no interest in it.”
In his most recent outburst, he made similar noises, stating:
“I don’t want to be a spokesperson. I don’t care. It makes no difference to me.”
This was not Dimon’s first BTC-related outburst of the month, however. He sang from the same hymn sheet early last week, too, telling Axios:
“[Bitcoin] has got no intrinsic value. And regulators are going to regulate the hell out of it.”
Asked if regulators should regulate the coin, the CEO answered:
“Yes. If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not. So it’s not a moral statement. It’s a factual statement.”
CNBC further quoted Dimon as stating: “I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”
At 07:25 UTC, BTC is trading at USD 57,540 and is up by 1.5% in a day. The price rallied by 36% in a month and 407% in a year.
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