Jamie Dimon, the chairman, and Chief executive officer of JP Morgan, has triggered a new round of criticism from the cryptocurrency world for his comments about Bitcoin.
Speaking there at the Institute of International Finance conference on Monday, Dimon labeled Bitcoin “worthless,” but added that while JP Morgan cannot custody it, it can provide its customers with “legitimate, as-clean-as-possible access” to cryptocurrency.
Armstrong went on to say that
CEOs without a science/engineering background are going to be at a disadvantage in the coming decades, because software is eating the world, changing every industry.
Luckily, the tools to learn it are available online for free and are getting better and better. It’s accessible to almost anyone if they are willing to power through it, and at least learn the basics.
Despite Dimon’s well-documented skepticism–he even dubbed it “a hoax” in September 2017–JP Morgan is no newbie to crypto-assets and even interacts with many cryptocurrency firms.
Last year, the investment company allowed banking accounts for cryptocurrency marketplaces Coinbase and Gemini, as well as the formation of Onyx, an umbrella entity for its blockchain-based digital money efforts.
However, it was Dimon’s skepticism of Bitcoin’s 21 million production cap which sparked the most outrage. Satoshi Nakamoto, the untraceable creator of the globe’s first cryptocurrency, set a limit of 21 million Bitcoins, implying that there can only ever be 21 million bitcoins in circulation.
When opposed to fiat currencies, Bitcoin’s limited supply is seen as an advantage because it keeps the crypto limited, supposedly ensuring that its value remains stable over time. Because of this, Bitcoin is frequently referred to as “digital gold.”