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Despite the continued challenges within the cryptocurrency market, fans of digital belongings are satisfied that the longer term is shiny for the sector. Recently, the worth of Bitcoin has proven indicators of resurgence with a notable hike in its worth over the previous few weeks, following a tough begin to 2023.
But not everybody holds this identical constructive outlook, together with the CEO of JPMorgan Chase, Jamie Dimon. At a current World Economic Forum (WEF) interview with CNBC, he made harsh public statements on his perspective of Bitcoin and the crypto business.
“I think all that is a waste of time, and why you guys waste any breath on it is beyond me,” stated Dimon within the interview on the sidelines of the WEF. Dimon. “Bitcoin itself is a hyped-up fraud. It’s a pet rock.”
This is not the primary time that Dimon has publicly shared his skepticism in direction of the crypto business. In reality, he has been vocal about his views on digital belongings since 2017, when he first referred to Bitcoin as a “fraud.”
After the downfall of the as soon as second-largest crypto trade, FTX, final yr, he argued that all the crypto business is a “complete sideshow.”
In response to Jamie Dimon’s adverse statements about Bitcoin, some have introduced counterarguments to his claims, together with CNBC anchor Joe Kernen, who challenged Dimon’s assertions through the interview.
Kernen argued that Bitcoin serves as a “store of value” and is “immutable” and “scarce”, citing the protocol of the cryptocurrency which limits the variety of cash to 21 million.
In response, Dimon quipped, “How do you know it’s going to stop at 21 million? Well, maybe it’s going to get to 21 million and [bitcoin’s mysterious founder] Satoshi’s picture is going to come up and laugh at you all.”
Despite these opposing views, it is value noting that whereas Dimon could not imagine within the potential of cryptocurrencies, he acknowledges the worth of the blockchain expertise that they’re constructed on.
During the identical interview, he acknowledged that, “Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo, we’ve used it to move money, right? So that’s a technology ledger that we think will be deployable.”
Indeed, JPMorgan has been investing in blockchain expertise since 2017, when the financial institution participated in creating an open-supply blockchain initiative known as The Enterprise Ethereum Alliance.
The firm additionally makes use of its personal cryptocurrency, the JPM Coin, to execute intraday repurchase agreements. However, Dimon additionally talked about that the monetary business has been discussing the usage of blockchain expertise for 12 years, and in his opinion, “very little has been done” by way of implementation.
Many within the crypto neighborhood took to Twitter after the interview to criticize Dimon’s view, together with widespread crypto determine and podcaster Peter McCormack, who wrote in a Twitter put up: “As JPMorgan CEO Jamie Dimon calls #bitcoin a ‘hyped-up fraud’ lets not forget that JPMorgan paid $2.6bn for their role in the Madoff fraud, the largest Ponzi Scheme in history. Bernie Madoff was able to launder billions of dollars through PMorgan.”
Others made enjoyable of Dimon’s lack of awareness of open supply code, noting that it is fairly straightforward to see that no shady situations may play out with Bitcoin, comparable to greater than 21 million cash being created.
“How do you know it ends at 21M?” – well Jamie, you see it’s in the code. The code is open source fully transparent … and if you wanted to change the 21M you’d need consensus or else it would hard fork,” one Twitter consumer responded.
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