JPMorgan Chase CEO questions Bitcoin's limited supply theory: How do you know there are only 21 million?

Jamie Dimon, CEO of JPMorgan Chase & Co., the largest U.S. bank, again slammed bitcoin on Monday, saying there may be no limit on the amount of the cryptocurrency.

“I’m going to challenge you on another thing: How do you know it’s 21 million? Have you all seen the algorithm? Do you all believe it? I don’t know. I’m always skeptical of this kind of thing,” Dimon said at an event for the Institute of International Finance.

Dimon questioned a key foundation of Bitcoin: the 21 million coin cap that gives it the appeal of a limited supply.

But the Bitcoin code explicitly states that the maximum number of Bitcoins ever created is 21 million. The open-source nature of the Bitcoin code theoretically allows for the cap to be modified, but this would require the signatures of a large number of Bitcoin "nodes" that host and run the software. Given that the 21 million cap is a major pillar of the cryptocurrency's value proposition, it's unlikely that the community would take action to change it.

Dimon said he still feels Bitcoin is "worthless," but his personal views on cryptocurrencies won't dictate how JPMorgan Chase offers crypto products. The CEO said JPMorgan could offer some "legal" ways for clients to get involved in the crypto space if they so choose (although it won't offer custody services).