JPMorgan CEO: Bitcoin’s Real-world Application Is Money Laundering, Satoshi Nakamoto to Modify Total Supply Cap
Jamie Dimon: This is the last time I talk about Bitcoin, blockchain is the real application
Bitcoin is a pet rock
Jamie Dimon: Feel free to use Bitcoin, but I suggest you don’t
Satoshi Nakamoto will change the total supply of Bitcoin
Jamie Dimon: This is the last time I talk about Bitcoin, blockchain is the real application
During an interview with CNBC, Jamie Dimon discussed various topics such as global economy, the US-Mexico border, and the US president. When the topic shifted to Bitcoin, he reluctantly but with a smile said:
“God help me, this is the last time I discuss this topic on CNBC.”
He emphasized that blockchain is the real technology, capable of transferring funds and data efficiently, but despite being around for 12 years, it remains niche.
Bitcoin is a pet rock
He recognized two types of cryptocurrencies. One involves the use of smart contracts, allowing people to buy and sell real estate or tokenize assets. The other, such as Bitcoin, is completely useless, which he referred to as a pet rock.
Jamie Dimon sarcastically pointed out the practical applications of Bitcoin:
Money laundering, fraud, tax evasion, and illicit transactions are all real applications of Bitcoin, with potentially billions of dollars being transacted using it.
Note: Pet Rock is a toy introduced in 1975 by American advertising executive Gary Dahl. It was a regular gray stone packaged in an exquisite box, with an instruction manual on how to take care of it. At the time, owning a pet rock became a trend.
Jamie Dimon: Feel free to use Bitcoin, but I suggest you don’t
Jamie Dimon continued:
“I defend your right to use Bitcoin, but I don’t want to tell you how to do it. This is a free country. Personally, my advice is not to get involved.”
Satoshi Nakamoto will change the total supply of Bitcoin
Lastly, Jamie Dimon had a slight disagreement with CNBC host Joe Kernen.
Joe Kernen argued that gold also lacks practical applications but has a widely accepted value.
However, Jamie Dimon countered by stating that the total supply of gold is limited, while Bitcoin is not:
“When Bitcoin reaches its limit of 21 million, Satoshi Nakamoto will appear and laugh hysterically, and everyone will be silenced.”
Joe Kernen still emphasized that the characteristics of gold are reflected in Bitcoin, and the total supply of Bitcoin is indeed fixed, with block rewards halving and mining difficulty increasing with computational power, all written into the code.
With over a hundred years until the full issuance of Bitcoin is completed (in 2140), and considering Satoshi Nakamoto is unlikely to be alive by then, Jamie Dimon’s statement and his pronunciation of “Satashi” were widely mocked by the crypto community.
Jamie Dimon
Satoshi
Satoshi Nakamoto
Bitcoin
