Here is an interesting article, and it is a rare occurrence for me that I find one of the big financial guys saying something that really makes me think when it comes to crypto. Usually, they are being vague and overly general, not saying too much. These though, are some bold comments from Jamie Dimon.
“How the hell do you know that it’s going to stop at 21 [million]? I’ve never met one person who told me that they know for a fact.”
“I think there’s a good chance that … when we get to that 21 million Bitcoins, [Satoshi Nakamato] is going to come on there, laugh hysterically, go quiet, and all Bitcoin is going to be erased.”
Now, the arguments he makes have been blasted pretty thoroughly, both directly in the article and online.
Bitcoin’s 21 million maximum supply is currently hard-coded into its source code. Any change to that rule requires agreement among miners, who are unlikely to adjust the rule due to their vested interest in the current model.
Furthermore, any change with less than unanimous support would cause the Bitcoin blockchain to split into two chains. To replace the main Bitcoin network and not merely create a minority chain, majority support among miners would be necessary. Bitcoin Cash (BCH), notably, was created with minority support in 2017 and remains separate from Bitcoin.
Finally, the Bitcoin supply could only be destroyed if all BTC holders decided to send their funds to an irretrievable address or “burn” address. Though a substantial portion of the Bitcoin supply has already been sent to such addresses, partial burning only increases the value of BTC still in circulation.
We know what the White Paper says, but, what if he isn't wrong? What if there really is a hidden kill switch buried in the source code? I am not saying Jamie Dimon is now the guru on all things crypto, just that the idea that Bitcoin is just a test that ends at 21 million is a crazy thought, right.
(Before you say it, I am aware that this is most probably Jamie Dimon throwing salt at crypto because he missed the boat and doesn't really grasp it and didn't make money off of it. It doesn't mean it is not interesting.)
