JP Morgan Chase CEO Jamie Dimon has come out saying that Bitcoin is worthless.
"I personally think Bitcoin is worthless."
JPMorgan's Jamie Dimon says during the IIF annual membership meeting https://t.co/sv44ZKfpig pic.twitter.com/RYlkgyfczF
— Bloomberg Technology (@technology) October 11, 2021
Go figure. An old man who runs a business that creates dollars out of thin air on computers is trashing Bitcoin.
If he says Bitcoin is worthless, the dollars his company creates on computers is equally if not more worthless. The reason being is that with Bitcoin there is at least in theory and in practices, an algorithmic cap on the amount of Bitcoin that can be mined and it takes some type of work to mine them. With dollars, there is no cap on how many dollars the Federal Reserve can create into existence.
Dimon is a very biased person because Bitcoin has become a competitor to the dollars that his company creates on computers. Bitcoin is also back around $60,000 and this is probably making him very nervous.
