The world’s largest asset manager, BlackRock, kicked up a storm last month after supposedly disputing Bitcoin's BTC/USD supply cap in one of its explainer videos.
However, the thesis, which underpins Bitcoin’s deflationary characteristics and its safe haven narrative, was questioned in the past as well. Jamie Dimon, CEO of lending giant JPMorgan Chase & Co. JPM, has been one of the prominent skeptics.
What happened: During the Institute of International Finance event in Oct. 2021, Dimon attacked the finite supply thesis that cryptocurrency proponents take immense pride in.
“I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that,” Dimon said.
Bitcoin's hard cap is the maximum number of BTCs that can ever be created, set at 21 million. It's estimated that the very last BTC will be mined sometime in 2140.
See Also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin’s Sister Coin NEIRO Plunges 3% After Sale
When Dimon questioned Bitcoin’s fixed supply, one Bitcoin was priced at $57,484.79. So, if you set his doubts aside and invested $1000, you'd have received 0.0173 units of BTC.
As of this writing, one Bitcoin was exchanging hands at $96,545.43. This means that your 0.0173 BTC stash would have been worth $1679.49 today, reflecting a 67% return.
For context, one could buy more than six shares of JPMorgan using this amount.
Why It Matters: Dimon's skepticism of Bitcoin's supply cap has continued despite factual rebuttals, including those by Bitcoin technologist Jameson Lopp.
It’s worth noting that Bitcoin’s code makes no explicit reference to the hard cap. Rather, it is calculated by adding all coins that the code allows to be introduced into circulation throughout time.
Despite such apprehensions, JPMorgan remains exposed to Bitcoin's price movements. As per the latest 13F filings, the bank held roughly $65,000 worth of Bitcoin exchange-traded fund shares, with sizable investments in iShares Bitcoin Trust ETF IBIT and Fidelity Wise Origin Bitcoin Fund FBTC.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,401.25, down 5.26% in the last 24 hours, according to data from Benzinga Pro.
Image via Flickr
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