Home » The CEO of JPMorgan Chase questioned the theory of limited supply of Bitcoin: How do you know that there are only 21 million coins? -Digital currency/blockchain

The CEO of JPMorgan Chase questioned the theory of limited supply of Bitcoin: How do you know that there are only 21 million coins? -Digital currency/blockchain

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Jamie Dimon, CEO of JPMorgan Chase, the largest U.S. bank, once again attacked Bitcoin on Monday, saying that the number of such cryptocurrencies may not be limited. Dimon said at an event of the Institute of International Finance: “I want to challenge another thing: How do you know that it is 21 million in the end? Have you all seen the algorithm? Do you all believe it? I don’t know, I’ve always been right. Such things are skeptical.”

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Dimon questioned the key foundation of Bitcoin: The 21 million cap makes its limited supply attractive.

But the Bitcoin code clearly states that the maximum number of Bitcoins is 21 million. In theory, the open source nature of the Bitcoin code allows for modification of the upper limit, but this requires the signature of a large number of Bitcoin “nodes” hosting and running the software. Given that the 21 million cap is the main pillar of the value proposition of cryptocurrencies, it is unlikely that the community will take action to change this.

Dimon said that he still feels that Bitcoin is “worthless,” but his personal view of cryptocurrencies does not determine how JPMorgan Chase provides crypto products. The CEO said that if customers want, JPMorgan Chase can provide them with some “legal” ways to get into the crypto space (although it will not provide custodial services).

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