The global digital asset market to a hit on Friday morning as Bitcoin (BTC) dropped to trade around $40k price level. As BTC trades lower than expected, Ark Invest CEO Cathie Wood countered JPMorgan CEO Jamie Dimon’s dismissive comments on blockchain and Bitcoin.
Cathie Wood backs bitcoin
Cathie Wood in a post targeted JPMorgan CEO’s demeaning comments on blockchain and Bitcoin referring to the latter as a “pet rock.” Yassine Elmandjra, Ark’s Director of Digital Assets, presented compelling data contradicting Dimon’s stance.
Elmandjra highlighted that Bitcoin’s hash rate hit a record-breaking 500 exahashes per second this month. This directs the scale of this achievement for the original crypto. Comparisons were drawn, such as the Bitcoin network performing more computations per second than there are stars in the galaxy, taking 2000 years for the global population to match its hash rate, and performing 67 times more hashes per second than grains of sand on Earth.
Ark’s Director of Digital Assets added that the number of raw operations/second by Bitcoin is 500 times more than the world’s most powerful supercomputer. He stated that despite all these major developments there are skeptics out there who still believe that Bitcoin is backed by nothing.
Wood asserted that Bitcoin is supported by the world’s largest computer network, surpassing the combined size of clouds from tech giants like Amazon, Google, and Microsoft.
Cathie Wood even dropped a reference to JPMorgan’s acquisition of Bank One in 2004. Wood recalled the admiration for CEO Jamie Dimon’s tech-savvy reputation at the time. She humorously suggested introducing Dimon to Brian Armstrong, the CEO of Coinbase.
Jamie Dimon a Bitcoin critic
It is important to note that Dimon is a long-time Bitcoin critic and he reiterated his skepticism, labeling Bitcoin as a “pet rock” during the World Economic Forum. He previously dismissed Bitcoin as “worthless” in 2021 and a “hyped-up fraud” in 2022. Dimon seeks the real application of blockchain technology, highlighting its efficiency in moving money and data. However, he downplayed its current scale, describing it as “very small.”
Dimon drew a distinction between Bitcoin and other cryptocurrencies enabled by blockchain, particularly those utilizing smart contracts. He recognized the legitimacy and utility of blockchain technology but maintained reservations about Bitcoin’s value.
Bitcoin, the world’s largest digital, is in the middle of a major correction after much anticipated approval of the Exchange-Traded Fund (ETF) by the US SEC. Bitcoin price dropped by over 3% in the last 24 hours. BTC is trading at an average price of $41,187, at the press time.
