Jamie Dimon is wrong about Bitcoin as BTC has outperformed JPMorgan stock in over 10 years, says Mike Novogratz
Galaxy Digital boss and billionaire Mike Novogratz addresses recent anti-crypto comments from JPMorgan CEO Jamie Dimon.
Dimon, one of cryptocurrency's harshest critics, said in recent testimony before Congress that digital assets are essentially just for criminals.
JPMorgan's CEO said he is deeply opposed to crypto and Bitcoin (BTC), saying the only true use case for the technology is criminals, drug traffickers and other bad actors. He also said that if he were the US government he would “shut it down.”
In a new CNBC interview, Novogratz, an early Bitcoin and Ethereum (ETH) investor, says Dimon's stance contrasts with many of America's top investors.
“He keeps doubling down and keeps getting it wrong. What surprises me is that so many of Jamie's clients, some of the richest men in America – Avi Johnson of Fidelity, Jeff Yass, Stanley Druckenmiller, Ray Dalio – big, big investors, all believe that Bitcoin is a store of value.
We see it in our customer base, our trading department was busy buying hedge funds. We see it with institutions that are buying, and so I don't know what makes Jamie think he's smarter than all these people. It’s the epitome of arrogance.”
Novogratz, who manages over $4.6 billion at Galaxy, points out that Bitcoin has outperformed JPMorgan Chase stocks in virtually every period.
“I think it's extreme arrogance to think that he knows what's valuable but the rest of the people don't. And honestly, it turns out he was wrong. Bitcoin has outperformed JPMorgan stock by a wide margin over a year, five years, ten years, you name it.
People all over the world believe in this and they believe in the community, the ecosystem. They see that governments are spending too much money, not just in the US but everywhere, and they think about it [they’re] I will devalue fiat currency.
So the story has already been argued and won.”
At the time of writing, BTC is trading at $42,314, up approximately 4,274,141,314% from the first recorded price of $0.00099. Over the same period, JPMorgan's JPM stock is up about 300%.
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