Jamie Dimon Says Bitcoin is 'Hyped-Up Fraud' — and Warns 21 Million Supply May Increase
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Jamie Dimon Says Bitcoin is 'Hyped-Up Fraud' — and Warns 21 Million Supply May Increase

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"Maybe it's going to get to 21 million and Satoshi's picture's gonna come up and laugh at you all, and say 'na na!' And by then, Satoshi will have taken out billions of dollars."

Jamie Dimon Says Bitcoin is 'Hyped-Up Fraud' — and Warns 21 Million Supply May Increase

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JPMorgan's CEO is fed up about getting questions on Bitcoin in interviews.

Jamie Dimon was speaking to CNBC's Squawk Box program when the hosts asked for his thoughts on the world's biggest cryptocurrency.

The 66-year-old banker — who has long had a visceral hatred for crypto — began by questioning why financial journalists are even wasting their breath on covering digital assets, adding:

"Bitcoin itself is a hyped-up fraud, it's a pet rock."

Dimon once again said that while he is highly dismissive of Bitcoin, not to mention the dizzying array of other altcoins in existence, he believes blockchain technology holds huge promise.

And he shrugged off an argument that BTC has "all the hallmarks of a store of value" given how it is immutable and has a fixed supply of 21 million. Dimon asked:

"Maybe it's going to get to 21 million and Satoshi's picture's gonna come up and laugh at you all, and say 'na na!' And by then, Satoshi will have taken out billions of dollars."

Talk then turned to the collapse of FTX, and Dimon said he was "not surprised at all" by the implosion of Sam Bankman-Fried's crypto empire given it was a "decentralized Ponzi scheme."

Squawk Box host Joe Kernen attempted to challenge this by replying:

"Jamie, there's a difference between saying FTX is a decentralized Ponzi scheme and saying that crypto itself is a Ponzi scheme."

After all, Bernie Madoff — the mastermind of one of the biggest-ever Ponzi schemes — traded options, but that didn't necessarily mean this whole asset class was corrupted.

Overall, it seems that there's little-to-no-chance of changing Dimon's mind, and he seemed to get a little restless as the questioning continued.

"I don't care about Bitcoin so we should just drop the subject."
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