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JPMorgan Chase CEO on Bitcoin: How Do We Know Supply Is Capped at 21 Million?

On Thursday (19 January 2023), Jamie Dimon, the Chairman of the Board and CEO of global finances services firm JPMorgan Chase & Co., shared his thoughts on blockchain and crypto during an interview on CNBC’s “Squawk Box” from the World Economic Forum (16-20 January 2023) in Davos, Switzerland.

Dimon, who likes blockchain technology, but is a well-known harsh critic of Bitcoin and other cryptocurrencies, made these comments while being interviewed by Joe Kernen, Becky Quick, and Andrew Ross Sorkin, who are co-anchors of “Squawk Box”.

Regarding Bitcoin, the JPMorgan Chase CEO said:

“Why you guys waste any breath on this is totally beyond me… Bitcoin itself is a hyped-up fraud. It’s a pet rock… Blockchain is a technology ledger system that we use to move information… We’ve used it to do overnight intraday repo… We’ve used it to move money… So that is a ledger. That’s a technology ledger type of thing that we think will be deployable, but remember we’ve been talking about that for 12 years too, and very little has been done.“

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