JP Morgan CEO Says Bitcoin ($BTC) is “Worthless,” Here’s Why he is Wrong Again

JP MorganJP Morgan

JP Morgan’s CEO Jamie Dimon is not a big Bitcoin fan and he has made it known over the years and his skepticism continues despite $BTC reaching new highs. Dimon is among the very few skeptics who have maintained his disliking towards $BTC throughout, first, he called it a bubble and predicted it would burst.  However, despite the growing popularity of BTC, Dimon remains aloof of its progress. Crypto proponents now believe no bull cycle is complete without China’s Ban and Dimon’s Bitcoin skeptism.

In a recent virtual conference, the JP Morgan chief again reinstated his earlier stance on the top cryptocurrency and called it worthless, however, the reasons he gave to justify his belief only show that he understand little to nothing about Bitcoin.

“I personally think that bitcoin is worthless. I don’t think you should smoke cigarettes either. Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

Dimon said BTC’s value supposedly comes from its scarcity with only 21 million BTC to ever get minted, but what if someone manages to change the code to remove the 21 million limit. He was quoted saying,

“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.”

This is quite an old and redundant argument used by people who don’t understand how a decentralized Bitcoin network functions.

Here’s Why JP Morgan is Wrong Again

While the Bitcoin network is open source and decentralized, thus anyone can make changes to the source code, but for those changes to be widely accepted and become a part of the mainnet it has to be accepted by a majority. So even if I want to change the total supply of BTC to an infinite amount, it won’t be accepted unless the majority of miners or nodes accept the proposal.

Ari Paul, the co-founder of BlockTower has one of the better explanations in naysayers terms. He explained

“anyone can take Bitcoin’s code and change it however they like. It’s like changing the TCP/IP protocols or FTP protocol. You can change it on your personal computer, but then you’re on a different network than everyone else. Your change wouldn’t be noticed by anyone else.”

Coinbase CEO Brian Armstrong also took a dig at JP Morgan and said CEOs without a science and engineering background are going to be at a disadvantage.

The post JP Morgan CEO Says Bitcoin ($BTC) is “Worthless,” Here’s Why he is Wrong Again appeared first on Coingape.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute. Bitcoin Flash Crashes To $8K On Binance.US Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency

Rich Dad Poor Dad Author Robert Kiyosaki Tells Why He Loves Bitcoin

Renowned Rich Dad Poor Dad author Kiyosaki loves bitcoin over fiat. Kiyosaki advocates for Bitcoin as a superior store of value to the dollar. Staggering debt will soon disqualify the dollar as a store of value. Robert Kiyosaki, the author of the famous book ‘Rich Dad Poor Dad’ says that he loves Bitcoin and distrusts