JPM's Jamie Dimon believes Satoshi Nakamoto will either increase or "erase" Bitcoin supply (2024)

JPM’s Jamie Dimon believes Satoshi Nakamoto will either increase or “erase” Bitcoin supply Mike Dalton · 8 months ago · 2 min read

News ▸ Bitcoin ▸ Culture

The JPMorgan CEO's unfounded theories on Bitcoin have attracted massive backlash.

Mike Dalton

Jan. 17, 2024 at 10:28 pm UTC

2 min read

Updated: Jan. 17, 2024 at 10:30 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Jamie Dimon, the CEO of JPMorgan, took aim at Bitcoin once again during an interview with CNBC at Davos 2024 on Jan. 17.

Dimon expressed an unusual theory in which he suggested that Bitcoin (BTC) could be eliminated once its maximum supply is issued. He said:

“I think there’s a good chance that … when we get to that 21 million Bitcoins, [Satoshi Nakamato] is going to come on there, laugh hysterically, go quiet, and all Bitcoin is going to be erased.”

Dimon also suggested that, contrary to this, there is no guarantee that Bitcoin issuance will end once the circulating supply reaches 21 million BTC. He said:

Bitcoin mining rules are unlikely to change

Dimon’s theories are unfounded because Satoshi Nakamoto created Bitcoin but does not have control over the blockchain or its miners.

Bitcoin’s 21 million maximum supply is currently hard-coded into its source code. Any change to that rule requires agreement among miners, who are unlikely to adjust the rule due to their vested interest in the current model.

Furthermore, any change with less than unanimous support would cause the Bitcoin blockchain to split into two chains. To replace the main Bitcoin network and not merely create a minority chain, majority support among miners would be necessary. Bitcoin Cash (BCH), notably, was created with minority support in 2017 and remains separate from Bitcoin.

Finally, the Bitcoin supply could only be destroyed if all BTC holders decided to send their funds to an irretrievable address or “burn” address. Though a substantial portion of the Bitcoin supply has already been sent to such addresses, partial burning only increases the value of BTC still in circulation.

Mentioned in this article

Bitcoin Bitcoin Cash JPMorgan Jamie Dimon

Posted In: Bitcoin, Culture

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Mike Dalton Journalist at CryptoSlate

Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.

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