Jamie Dimon: This is the last time I will talk about Bitcoin, blockchain is the real application
Bitcoin is a pet rock
Jamie Dimon: Feel free to use Bitcoin, but I advise against it
Satoshi Nakamoto will change the total supply of Bitcoin
Jamie Dimon: This is the last time I will 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 expressed his dislike but with a smile, he said:
God help me, this is the last time I will discuss this topic on CNBC.
He emphasized that blockchain is the real technology, capable of transferring funds and data efficiently. However, despite being around for 12 years, it is still very niche.
Bitcoin is a pet rock
He recognized two types of cryptocurrencies, one being the implementation of smart contracts that allow people to buy and sell real estate or tokenize assets.
The other type, such as Bitcoin, is useless in his opinion, referring to it as a pet rock.
Jamie Dimon sarcastically mentioned the practical applications of Bitcoin:
Money laundering, fraud, tax evasion, and illicit activities like sex trafficking. These are the actual applications of Bitcoin, and there may be billions of dollars in transactions conducted with Bitcoin.
Note: Pet Rock is a toy introduced in 1975 by American advertising executive Gary Dahl. It was a regular gray stone packaged in an elaborate box with an instruction manual on how to take care of it. It sparked a trend of owning pet rocks, becoming a cultural phenomenon.
Jamie Dimon: Use Bitcoin if you want, but I advise against it
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, I recommend not getting involved.
Satoshi Nakamoto will change the total supply of Bitcoin
Towards the end, Jamie Dimon had a slight disagreement with CNBC host Joe Kernen.
Joe Kernen argued that gold also lacks practical applications but has a universal value consensus.
However, Jamie Dimon countered that the total supply of gold is limited, unlike Bitcoin:
When Bitcoin reaches a total of 21 million coins, Satoshi Nakamoto will appear and laugh hysterically, and everyone will be silent.
Joe Kernen still emphasized that Bitcoin embodies the characteristics of gold, and its total supply is indeed fixed. The halving of block rewards and the increasing mining difficulty with rising computational power are all written into the code.
There are still over a hundred years (until 2140) until all Bitcoins are fully issued. If Satoshi Nakamoto is still alive at that time, Jamie Dimon’s statement, as well as his pronunciation of Satoshi’s name as “Satashi,” became the subject of mockery within the crypto community.
Jamie Dimon
Satashi
Satoshi Nakamoto
Bitcoin
Further reading:
Jamie Dimon, CEO of JPMorgan Chase, despises cryptocurrency, but the number of employees in its blockchain division continues to grow.
Jamie Dimon, CEO of JPMorgan Chase, slams Bitcoin again: Only used for crime, government should shut it down.