JPM’s Jamie Dimon believes Satoshi Nakamoto will either increase or “erase” Bitcoin supply

Jamie Dimon, the CEO of JPMorgan, took purpose at Bitcoin once more in the midst of an interview with CNBC at Davos 2024 on Jan. 17.

Dimon expressed an unheard of theory in which he suggested that Bitcoin (BTC) would possibly be eradicated once its maximum present is issued. He talked about:

“I private there’s an proper likelihood that … after we secure to that 21 million Bitcoins, [Satoshi Nakamato] goes to come on there, laugh hysterically, wander aloof, and all Bitcoin goes to be erased.”

Dimon also suggested that, opposite to this, there isn’t the form of thing as a guarantee that Bitcoin issuance will pause once the circulating present reaches 21 million BTC. He talked about:

“How the hell attain you realize that it’s going to quit at 21 [million]? I’ve never met one individual that informed me that they know for a truth.”

One among Dimon’s co-panellists, CNBC Articulate Field host Joe Kernen, eminent that the closing Bitcoin would possibly per chance now not be mined unless about 2140 attributable to rising mining field. Kernen added that Bitcoin shares many economic properties with gold, to which Dimon spoke back, “You may per chance per chance also simply be appropriate … [but] I don’t like gold both.”

Dimon’s most up-to-date statements absorb attracted huge backlash on social media, every attributable to the celebrated inaccuracy of his theories and attributable to the indisputable truth that he mispronounced the first half of Satoshi Nakamoto as “Satashi.”

Bitcoin mining principles are unlikely to alternate

Dimon’s theories are spurious on story of Satoshi Nakamoto created Bitcoin but doesn’t absorb protect watch over over the blockchain or its miners.

Bitcoin’s 21 million maximum present is currently exhausting-coded into its offer code. Any alternate to that rule requires settlement among miners, who’re unlikely to adjust the rule of thumb attributable to their vested hobby in the present mannequin.

Furthermore, any alternate with now not as much as unanimous again would verbalize off the Bitcoin blockchain to separate into two chains. To interchange the essential Bitcoin network and never merely influence a minority chain, majority again among miners would possibly per chance be critical. Bitcoin Cash (BCH), seriously, was created with minority again in 2017 and remains separate from Bitcoin.

Finally, the Bitcoin present also can handiest be destroyed if all BTC holders determined to send their funds to an irretrievable contend with or “burn” contend with. Even supposing a appreciable portion of the Bitcoin present has already been sent to such addresses, partial burning handiest increases the imprint of BTC serene in circulation.