Oct 15, 2021

Letter #51: 21 Million BTC - A Supply Set In Stone

Read now to learn why Bitcoin’s supply cap is so revolutionary and one of its most important features.

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Joshua Guest
Your one-stop shop for Bitcoin education!
Episode details

Dear Readers,

Bitcoin is both beloved and vilified around the world. Millions of people use it on a daily basis for saving, investing, and payments while thousands more trumpet Bitcoin’s benefits to everyone who will listen. Bitcoin does however have some highly vocal and visible critics, not least of which is Jamie Dimon, the CEO of JP Morgan.

Dimon is no fan of Bitcoin, that much we know for sure. In early 2017, he indicated that he believed that Bitcoin was a fraud and, shortly thereafter, threatened to fire anyone at his company who was caught trading or otherwise handling it. Rather aggressive in his bearishness if you ask me.

You’d be forgiven though for assuming that recent developments in the space would have improved his opinion. After all, a country has recognized Bitcoin as legal tender and several other countries have approved exchange-traded products that are tied to Bitcoin. All that on top of the fact that Bitcoin has seen essentially infinite appreciation in its value since its creation.

Endless evidence of Bitcoin’s immense value and adoption doesn’t seem to have swayed Dimon. At an event earlier this week, he reiterated his belief that Bitcoin is “worthless” and went so far as to make an absurd challenge against one of its most core features: the twenty-one million coin supply cap.

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