The head of JPMorgan, Jamie Dimon, said on CNBC that he was not sure that the supply of bitcoin was really limited to 21 million coins.
Decrypt recalled that in October 2022, a top manager expressed skepticism about the code embedded in the algorithm of the first cryptocurrency.
Casa startup CTO Jameson Lopp stressed that bitcoin supply caps are achieved with just five lines of code. It is open for study. Anyone can verify its correctness.
Bruh it’s like 5 lines of code. https://t.co/DWxPHFsgJs pic.twitter.com/ssripW7tVy
— Jameson Lopp (@lopp) October 11, 2021
Given the programmed halvings, reaching the bar of 21 million should occur by 2141, Bitcoin Core developer Luke Dash Jr. explained to the publication.
Earlier, Blockworks analyst Dan Smith called the current Bitcoin model unsustainable, which reduces the chances of digital gold becoming the world’s reserve currency. The reason is the low share of transaction proceeds in the total income of bitcoin miners.
2/ Bitcoin has never generated meaningful transaction revenue relative to its security budget, heavily subsidizing security with block rewards. The current model is unsustainable, weakening its likelihood of becoming the global reserve currency.
— Dan Smith (@smyyguy) January 10, 2023
The head of JPMorgan is not the first time criticizing bitcoin and other cryptocurrencies. In October 2021, he stated that digital gold was “worthless” and noted the unpopularity of his opinion.