Amid the growing polarization of opinions about Bitcoin (BTC), Cathie Wood, CEO of ARK Invest, has responded forcefully to the derogatory comments of Jamie Dimon, CEO of JPMorgan Chase, who compared Bitcoin to a “pet rock” during his speech at the World Economic Forum.
Wood, backed by Yassine Elmandjra, Head of Digital Assets at ARK Invest, challenged Dimon’s perception by highlighting a key fact: Bitcoin’s hash rate hit an all-time high of 500 exahashes per second.
Today, JPM’s Jamie Dimon called blockchain technology small, and added that bitcoin, a derivative of blockchain technology, is the equivalent of a “pet rock”. Data flies in the face of Jamie’s description, as @yassineARK, our Director of Digital Assets, highlights here! https://t.co/TsSDyTTyuk
— Cathie Wood (@CathieDWood) January 19, 2024
Elmandjra highlighted the importance of this indicator when comparing it with the computing capacity of the Bitcoin network, noting that, “for every star in our galaxy, the Bitcoin network is performing 5 billion calculations per second”, exceeding the capabilities of the most powerful supercomputer in the world.
Wood, in a separate tweet, emphasized that BTC is backed by the world’s largest computer network, surpassing in size the combined clouds built by tech giants like Amazon, Google and Microsoft over the past two decades.
Despite Dimon’s Criticism, The Bitcoin Market Performance Has Been Solid
Remaining around $41,200 after experiencing a 100% increase in the last year, the price currently stands at $41,380, showing a slight decrease of 2.5% in the last 24 hours, according to official data provided by CoinMarketCap.
This performance has generated increased interest in the cryptocurrency sector from major asset management firms such as BlackRock, Franklin Templeton, ARK 21Shares Bitcoin ETF, and WisdomTree, who have recently launched their own ETFs.
The article reveals that, last week, Cathie Wood shared that a significant portion of her personal portfolio is invested in Bitcoin, representing at least 25% of her net worth, excluding investments in ARK and real estate.
The clash of opinions between Wood and Dimon highlights the divergent perspectives on Bitcoin in the traditional financial sphere.
While Wood and Elmandjra highlight the solid fundamentals of cryptocurrency, Dimon maintains a critical stance.
The robustness of Bitcoin’s hash rate and its network, combined with its market performance, challenge Dimon’s claims, conversely cementing Bitcoin’s position as an asset with solid fundamentals and growing institutional acceptance, where news and even attempted boycotts of different financial personalities, no longer seem to interest him much.