[Jamie Dimon of JPMorgan Chase (JPM) believes Satoshi Nakamoto will increase or “eliminate” the Bitcoin supply]
JPMorgan CEO Jamie Dimon once again made negative comments about Bitcoin in a CNBC interview in Davos on January 17, 2024. Dimon has come up with an unusual theory where he believes Bitcoin may be eliminated after reaching its maximum supply. “When we get to 21 million Bitcoins, Satoshi Nakamoto will probably show up and laugh off all the Bitcoins,” he speculated.
Dimon also suggested that reaching 21 million Bitcoin’s circulating supply does not guarantee the end of the issuance. "How do you know it's going to stop at 21 million? I've never heard anyone tell me for sure," he questioned.
CNBC Squawk Box host Joe Kernen responded by noting that the last Bitcoin is expected to be mined around 2140 due to increased mining difficulty. Regarding the comparison of the economic properties of Bitcoin and gold, Dimon responded: "You may be right...but I don't own gold either."
Dimon's comments sparked widespread reactions on social media, both because his theory was generally considered inaccurate and because he pronounced Satoshi Nakamoto's name as "Satashi."
In fact, Dimon's theory lacks foundation. Satoshi Nakamoto created Bitcoin but had no control over its blockchain or miners. Bitcoin’s maximum supply is hard-coded in its source code, and any changes require consensus from miners, who are unlikely to adjust this rule due to their vested interest in the current model. Additionally, any changes that do not gain widespread support could lead to a split in the Bitcoin blockchain. Finally, the elimination of the Bitcoin supply can only happen if all Bitcoin holders decide to send their funds to unrecoverable addresses. Although a significant portion of Bitcoin has been burned in this way, this only increases the value of Bitcoin in circulation.
