During an appearance on CNBC’s Squawk Box, Jamie Dimon recently questioned whether the number of Bitcoin mined would actually stop at 21 million.
Lots of folks took to the Twitterverse to provide further education about Bitcoin’s code.
“So you’re saying there’s a chance.”
Jamie Dimon is not totally wrong. While it is possible that the code could be changed or updated in the future somehow, it would take an agreement and update to thousands of computers around the world.
It is worth noting, that while the total number of Bitcoin should not exceed 21 million, a single Bitcoin can be divided into many very small parts called satoshis (think of pennies within a dollar).
Isn’t it odd?
The CEO of JP Morgan consistently uses his soapbox to “hate” on crypto. It would be expected that the BANK, under his direction, wouldn’t touch this industry with a 10 foot pole.
But it is.
JP Morgan the BANK is “quietly” engaging with the crypto industry.
It provided a pile of cash in 2021 to a funding round of ConsenSys, an Ethereum based software developer.
In February 2021, JP Morgan sent a letter to its’ clients recommending they allocate 1% of their portfolio value into Bitcoin as a hedge against inflation.
In February of 2022, they were the first major bank to have a “storefront” in the metaverse, specifically Decentraland.
In October of 2022, credit-card giant VISA and JP Morgan officially began working together to develop a system of money exchange, which is viewed as a potential alternative to the SWIFT system (used for cross-border payments).
In November 2022, JP Morgan executed its first blockchain DeFi trade using Polygon as part of a combined initiative based in Singapore.
It also applied for a registered trademark for a digital wallet in November 2022.
JP Morgan even has it’s own private stablecoin, known as JPM Coin, and its own blockchain platform, called Onyx.
Very recently in December of 2022, JP Morgan released a comprehensive report detailing their customers interest in and experience with investing in crypto.
Actions Speak Louder Than Words
Jamie Dimon’s theatrics read like a magician’s intentional misdirection.
With all of his negative comments, is he keeping crypto prices low on purposes? Perhaps he is intentionally stalling cryptocurrency adoption until his bank has infrastructure in place to be the undisputed leader in the future?
Elon Musk is currently on trial, facing the consequences of poorly-timed and ill-considered remarks/Tweets. Will there come a time when Jamie Dimon will be on the stand to account for his comments?
