Ark Invest CEO Cathie Wood: Even Satoshi Nakamoto Cannot Control Bitcoin, as Jamie Dimon Learns from Ark Invest CEO

Ark Invest, a team led by CEO Cathie Wood, expressed on Twitter that the Bitcoin network has a unique checks and balances mechanism based on the value of BTC, which is not controlled by anyone, including Satoshi Nakamoto. This statement seems to be a response to JPMorgan CEO Jamie Dimon's remarks about Satoshi Nakamoto potentially changing the total supply of Bitcoin in the future.

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

The Bitcoin Network is Not Controlled by Any Entity

Yassine Elmandjra, a member of the Ark Investment team, clarified many common misconceptions about Bitcoin on Twitter. One of these misconceptions is the claim that "Satoshi Nakamoto controls Bitcoin." Elmandjra argues that the key point of rebuttal is that the Bitcoin network is decentralized, with nodes that have unique checks and balances, meaning that no individual or entity can control it.

Consensus Rules of the Node Mechanism

The Bitcoin network is composed of a decentralized network of nodes. Each node follows the same rules, and only nodes that adhere to these rules are allowed to join the network.

If a node attempts to break the rules, all other nodes will reject its information, rendering any proposed changes meaningless unless accepted by various stakeholders.

Bitcoin's Value as a Unique Checks and Balances System

Nodes are just one key aspect in maintaining the integrity of the Bitcoin network. Bitcoin also employs other checks and balances systems that encourage protocol innovation and maintenance, ensuring that any changes align with the interests of more stakeholders.

Each stakeholder benefits from the appreciation of Bitcoin's value. Any changes that threaten the integrity of the Bitcoin system would also threaten its value, thus stakeholders have no motivation to engage in malicious behavior, including core developers, miners, nodes, and users.

This checks and balances system also allows Bitcoin to maintain its predictable economic policy and limit its supply to 21 million coins, making the possibility of changing Bitcoin's rules extremely low.

However, it is worth noting that this viewpoint may be questioned when the price of Bitcoin no longer rises.

Wood's Response: No One, Including Satoshi Nakamoto, Can Easily Control BTC

Cathie Wood agrees that the key to the checks and balances system in the Bitcoin network is Bitcoin's value. This indeed motivates developers, nodes, miners, and users around the world to focus on enhancing the network's value, and Satoshi Nakamoto is just one of them.

Implicitly, this means that no one can individually influence the value of Bitcoin, indicating that the checks and balances system of Bitcoin is not controlled by any entity and that it is not easy to change the total supply of BTC.

Response to Jamie Dimon, CEO of JPMorgan

Wood's comments were actually in response to Jamie Dimon, the CEO of JPMorgan, who recently stated in an interview with CNBC that Bitcoin has no intrinsic value and, unlike gold with limited supply, the total supply of Bitcoin can be changed.

Jamie Dimon believes that when Bitcoin is close to being fully issued, Satoshi Nakamoto will emerge and adjust the total supply of Bitcoin, and others will follow suit.