Jamie Dimonthe CEO of JPMorgan Chase & Co. (NYSE:JPM), has not shied away from showing its disdain for it Bitcoin (CRYPTO: BTC) and has used public platforms to target the leading cryptocurrency over the years.
What happenedOne of many such attacks took place at the Institute of International Finance (IIF) event in October 2021, where Dimon questioned the foundations of Bitcoin technology: the hard limit of 21 million.
“I challenge the group one more thing: how do you know it ends in 21 million? Have you all read the algorithms? Do you all believe that? I don’t know, I’ve always been skeptical about things.” something like that,” Dimon said.
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The brazen attack roiled the cryptocurrency community on social platforms, though many still tried to address his grievances.
Well-known Bitcoin technologist Jameson breed posted a screenshot of the Bitcoin source code on X, with the caption: “Bruh, it looks like 5 lines of code.”
It’s worth noting that the code doesn’t explicitly mention the hard cap. Instead, it is obtained by adding up all the coins that can be put into circulation over time according to the code.
However, even factual responses seemed to have little effect, as Dimon reiterated his concerns about the supply cap earlier in January.
“I think there’s a good chance that when we reach that 20 million Bitcoins… Satashi (sic) will get there, laugh hysterically, be silent, and all the Bitcoins (will) be erased. How the hell do you know it will stop at 9pm?”
See also: If you had invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
Why it’s important: Dimon’s criticism of Bitcoin has continued unabated, even going so far as to call for a shutdown of the industry during testimony in Congress last December.
He expressed his displeasure at the aforementioned IIF event at having to discuss anything about Bitcoin, with an emphatic “I don’t care” comment.
Interestingly, JPMorgan reported that he owned $42,000 worth of stock Grayscale Bitcoin Trust (NYSE:GBTC), according to its latest 13F filing with the SEC.
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This article JPMorgan boss Jamie Dimon doubts Bitcoin’s 21 million supply limit, despite 5 lines in the source code imposing the hard limit: ‘Do you all believe that?’ originally appeared on Benzinga.com
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