Jamie Dimonthe CEO of JPMorgan Chase & Co.(NYSE:JPM), has not shied away from showing its disdain for Bitcoin (CRYPTO:BTC) and has used public platforms to attack the leading Cryptocurrency over the years.
What happened
One of many such attacks occurred at the Institute of International Finance (IIF) event in October 2021, during which Dimon questioned one of the fundamentals of Bitcoin technology: its hard limit of 21 million tokens.
“I’m going to challenge the group to something else: How do you know it ends at 21 million? Have you read all the algorithms? Do you all believe it? “I don’t know, I’ve always been a skeptic of those things,” Dimon said.
The brazen attack angered the cryptocurrency community on social platforms, although many attempted to respond to their complaints.
The well-known Bitcoin technologist Jameson Lopp posted a screenshot of the Bitcoin source code in X, with the caption: “Bro, that’s 5 lines of code.”
Bruh it’s like 5 lines of code. https://t.co/DWxPHFsgJs pic.twitter.com/ssripW7tVy
— Jameson Lopp (@lopp) August 21, 2022
It is worth mentioning that the code does not explicitly mention the maximum limit. Rather, it is obtained by adding all the coins that the code allows to be put into circulation over time.
However, even objective responses seemed to have little effect, as Dimon repeated his concerns about the supply cap in early January.
“I think there’s a good chance that when we get to those 20 million Bitcoins… Satoshi (sic) will show up there, laugh hysterically, stay silent and all the Bitcoins (will) be erased. How the hell do you know it’s going to stop at 21?”
You can also read: Could the loss of Satoshi Nakamoto tokens determine a reduction in Bitcoin supply?
Why is it important
Dimon’s criticism of Bitcoin has not ceased, and he even called for the closure of the sector during an appearance before the US Congress in December of last year.
He has expressed his displeasure at having to talk about Bitcoin, with an emphatic “I don’t care” at the aforementioned IIF event.
Interestingly, JPMorgan reported that it owned $42,000 in shares of Grayscale Bitcoin Trust (ARCA:GBTC), according to the latest 13F filing with the US Securities and Exchange Commission (SEC).
Photo courtesy of Flickr
You can also read: Shares of IAG, Repsol and Spanish banks: What makes them attractive to Ibex 35 investors?
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