JPMorgan CEO Jamie Dimon Is Lying About Bitcoin

Despite the fact that he’s been hilariously wrong every year since 2015, JPMorgan CEO Jamie Dimon just delivered another terrible take on Bitcoin.

The billionaire banker has not only been wrong year in and year out — he has now resorted to outright lying on national TV about the cryptocurrency and it’s gotten downright egregious.

This week, Dimon went on CNBC at the World Economic Forum in Davos. He was asked about his views on Bitcoin (as he always is) and openly bafooned himself again. Comparing Bitcoin to gold, Dimon once again questioned that Bitcoin’s supply is limited.

“How the hell do you know it’s going to stop at 21 [million?]” he asked, before insinuating that somehow one day all Bitcoin might be “erased.”

It was wrong. It was bad. And it got me thinking. Why is Jamie Dimon lying?

Surely he knows better. He’s Wall Street’s best. He’s Wall Street’s brightest. And as crypto fans were quick to point out, the part of Bitcoin’s code that sets the cap is literally only five lines of code.

But even stranger, I could’ve sworn I remember him making the same exact joke last year. I went back and looked, and sure enough — same joke! “How far back could this string of Jamie Dimon being wrong about Bitcoin really go?” I thought.

Turns out, Jamie Dimon has been stuck in a hilariously sad time machine of being unequivocally wrong about Bitcoin. I reviewed more than 10 separate instances of Dimon being asked about Bitcoin — and usually it’s always the same mix of him:

1. Starting with the fact that he hates being asked about Bitcoin

2. Following up a warning that it has no value and will go to zero

3. Mixing in a “This is only my personal opinion” disclaimer about how he really doesn’t care

4. Sprinkling in a healthy dose of “You’re an idiot if you like it”

5. And wrapping with a “I’m never talking about Bitcoin again

One time, he lasted one day before talking about Bitcoin again. You can check out the mashup I spent HOURS on below:

In one clip from 2015, when Bitcoin was trading at under $400, he insinuated in very strong terms that “there will be no real, non-controlled currency in the world.”

But then again, you should not expect a radio salesman to be honest about the value of a TV.

Bitcoin stands in opposition to everything that has created a billionaire banking class. And banks, and thus their CEOs, thrive very much on their closeness to the system and the ever-gushing money printer. It does not behoove Dimon to be honest about an asset with a capped supply being used as a store of value when the dollar continues to inflate at a historically high clip.

And, as Bitcoiners like Caitlin Long pointed out this week, JPMorgan is an authorized participant in BlackRock’s recently listed Bitcoin ETF.

“Watch what they do, not what they say,” Long told Coinage in a Wednesday interview. “He called it a pet rock a year ago, and now he's graduated to an expletive. That tells you he's getting flustered.”

For someone’s take on what the Bitcoin ETFs mean for the market (and why price hasn’t picked up yet) I’d recommend checking out my full chat with Caitlin below: