JP Morgan CEO Claims Bitcoin Creator Will Increase Supply

Jamie Dimon and a Bitcoin logo

JP Morgan CEO Jamie Dimon has stirred controversy by asserting that Bitcoin’s creator, Satoshi Nakamoto, will defy the cryptocurrency’s fundamental principles and increase its supply beyond the established limit of 21 million coins. This unexpected claim has triggered outrage within the Bitcoin community, with many dismissing Dimon’s statements as baseless and an attempt to manipulate the market.

Jamie Asserts

JP Morgan CEO Jamie Dimon has made a startling assertion, claiming that Satoshi Nakamoto, the elusive creator of Bitcoin, will increase the cryptocurrency’s supply beyond its established limit of 21 million coins. This declaration has ignited fury and disbelief within the Bitcoin community, challenging the fundamental principles and philosophy underpinning Bitcoin’s design.

Bitcoin operates as a decentralized digital currency on a peer-to-peer network, free from central authority or intermediaries. A cornerstone feature of Bitcoin is its fixed supply cap of 21 million coins, a deflationary measure programmed by Nakamoto to combat inflation. This supply limit is maintained by the Bitcoin protocol, which halves the mining reward for new blocks every four years, culminating in the expected mining completion in 2140.

No Evidence from Jamie

Dimon, a vocal critic of Bitcoin and cryptocurrencies at large, presented this controversial assertion during a conference call with investors, alleging that Nakamoto, who hasn’t been heard from since 2010, will modify the Bitcoin code to expand the supply of bitcoins, thereby devaluing the currency and undermining its credibility. Dimon provided no evidence or rationale for his statement, which experts and analysts have widely dismissed as unfounded and absurd.

“Bitcoin is a fraud and a scam. It has no intrinsic value and no backing. It is only worth what people are willing to pay for it, and that can change in a heartbeat. Satoshi Nakamoto, whoever he, she, or they are, will increase the supply of bitcoins and crash the market. Mark my words, this will happen sooner or later,” declared Dimon.

A Lack of Understanding?

Dimon’s proclamation has been met with intense criticism from the Bitcoin community, accusing him of spreading fear, uncertainty, and doubt (FUD) to manipulate the market. Many have highlighted the technical and social hurdles associated with altering the Bitcoin protocol, requiring consensus among the majority of network participants. Some have questioned Dimon’s motives and credibility, given his track record of criticizing Bitcoin while simultaneously investing in blockchain technology, the foundational technology of Bitcoin.

“Jamie Dimon is either clueless or malicious. He clearly does not understand how Bitcoin works and why it is valuable. He is spreading lies and misinformation to scare people away from Bitcoin and protect his own interests. He is the epitome of everything that Bitcoin stands against: centralization, corruption, and censorship,” asserted a Bitcoin enthusiast on Twitter.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.