JPMorgan chief questions Bitcoin supply cap of 21 million coins

JPMorgan chief Jamie Dimon, on CNBC, said he was not confident that Bitcoin’s issuance is truly limited to 21 million coins.

“How do you know? It could reach 21 million, and Satoshi’s photo would surface to laugh at all of you,” he speculated.

Decrypt reminded that in October 2022 the top executive expressed skepticism about the code baked into Bitcoin’s algorithm.

Bruh it’s like 5 lines of code. https://t.co/DWxPHFsgJs pic.twitter.com/ssripW7tVy

— Jameson Lopp (@lopp) October 11, 2021

With the programmed halvings, reaching the 21-million cap is expected by 2141, the Bitcoin Core developer Luke Dash Jr. told the publication.

Earlier, Blockworks analyst Dan Smith said the current Bitcoin model is unsustainable, reducing the prospects of digital gold becoming a global reserve currency. The reason lies in the low share of transaction revenues in Bitcoin miners’ overall revenue.

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Bitcoin has never generated meaningful transaction revenue relative to its security budget, heavily subsidizing security with block rewards.

The current model is unsustainable, weakening its likelihood of becoming the global reserve currency.

— Dan Smith (@smyyguy) January 10, 2023

The JPMorgan chief has not been the first to criticise Bitcoin and other cryptocurrencies. In October 2021, he said that digital gold “is worth nothing”, and noted the unpopularity of his view.

In September 2022, Dimon described cryptocurrencies as “decentralized Ponzi schemes”.

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