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JPMorgan Chase CEO: Bitcoin's actual use is money laundering, Satoshi Nakamoto will change the total supply limit.

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JPMorgan Chase CEO: Bitcoin

JPMorgan Chase CEO Jamie Dimon, in an interview with CNBC, once again harshly criticized Bitcoin.

Jamie Dimon: This is the last time I'll talk about Bitcoin, blockchain is the real application

In a CNBC interview, Jamie Dimon discussed various topics including global economy, the US-Mexico border, and the US president. When the conversation shifted to Bitcoin, despite his dislike for it, he smiled and said:

God help me, this is the last time I'm discussing this topic on CNBC.

He emphasized that blockchain is the real technology, which can transfer funds and data efficiently, but despite being around for 12 years, it is still very niche.

Bitcoin is a pet rock

He recognizes two types of cryptocurrencies: one that incorporates smart contracts, allowing people to buy and sell real estate or tokenize assets.

On the other hand, he considers Bitcoin, for example, to be useless and refers to it as a pet rock.

Jamie Dimon sarcastically points out the actual applications of Bitcoin:

Money laundering, fraud, tax evasion, and illicit transactions, these are the actual applications of Bitcoin, which may involve billions of dollars in transactions.

Note: Pet Rock is a toy introduced by American advertising executive Gary Dahl in 1975. It was a regular gray rock packaged in an elaborate box with an instruction manual on how to care for it. There was a fad at the time for owning a pet rock, and it became a trendsetter.

Jamie Dimon: Use Bitcoin if you want, but I advise against it

Jamie Dimon continues:

I defend your right to use Bitcoin, but I don't want to tell you how to do it. This is a free country, but personally, I advise against getting involved.

Satoshi Nakamoto will change the total supply of Bitcoin

Jamie Dimon also had a slight disagreement with CNBC host Joe Kernen.

Joe Kernen argues that gold also lacks practical applications but has a universal consensus of value.

However, Jamie Dimon counters by saying that the total supply of gold is limited, but Bitcoin is not:

When Bitcoin reaches 21 million coins, Satoshi Nakamoto will appear and laugh hysterically, and everyone will be quiet.

Joe Kernen still emphasizes that the characteristics of gold are also reflected in Bitcoin, and the total supply of Bitcoin is indeed fixed. The halving of block rewards and the increase in mining difficulty with the increase in computing power are all written into the code.

It will be more than a hundred years until all Bitcoins are fully issued in 2140, and if Satoshi Nakamoto is still alive, he probably won't live that long. Jamie Dimon's statement, as well as his pronunciation of "Satoshi" as "Satashi," has been widely mocked by the crypto community.