The crypto industry returns figures slapped JP Morgan’s big boss on Bitcoin’s limited supply of 21 million.
Jamie Dimon, Chairman and CEO of JP Morgan Chase, has sparked yet another fierce reaction from the crypto community for his statement about Bitcoin.
At an Institute of International Finance event on Monday, Dimon called Bitcoin “worthless.” However, it appears that JPM’s customers “disagree.” The company can find a way for customers to reach by “It’s as legal as possible.”
Still, Dimon’s question about the total number of Bitcoins being 21 million caused outrage.
Satoshi Nakamoto, the pseudonym of the creator of the world’s first cryptocurrency. The number of Bitcoins has been set to 21 million, which means that there will only be 21 million.
The limited amount of Bitcoin is seen as an advantage compared to fiat currencies. Since the number cannot be increased, the theory is to confirm that it can hold its value. As a result, Bitcoin is often referred to as “digital gold,” which is a store-of-value. or collecting wealth “I want to challenge you, how do you know that there will only be 21 million Bitcoins?” Dimon asked. “Have you read the algorithm? And do you believe those things? I don’t know, but I tend to be skeptical about that.”
Coinbase CEO Brian Armstrong responded on his twitter:
“Yes, I read it and I wrote it (coded his own Bitcoin node) to make sure I understood it.”
Armstrong said, “CEOs with no knowledge of Science/engineering That is going to be a disadvantage in the coming decade because software is taking over the world. and change every industry.”
“Fortunately, tools for learning these things are available online for free. And it keeps getting better. Almost everyone has access to it if they want to. and learn the basics of it,” he added.
Michael Saylor, CEO of MicroStrategy also weighed in on Dimon’s words, noting that “the key question for bankers and investors around the world is ‘Do you understand Bitcoin?’ ”
Mike Novogratz, CEO of Galaxy Digital, seemed baffled by Dimon’s remarks.
“Surprisingly, for someone who does a very good job running a big bank. His response to $BTC is arguing with the limited and growing knowledge I urged to remain open throughout my life.”
Dimon’s suspicions are well documented. In September 2017, he called it a “fraud.” JP Morgan himself is no stranger to digital assets and has partnered with several crypto companies.
last year The company has allowed Accounts for crypto exchanges Coinbase and Gemini, and at the same time established Onyx, the underpinning organization for blockchain and crypto-currency initiatives.