ARK Invest founder Cathie Wood and Ripple CEO Brad Garlinghouse commented on recent critical statements by JPMorgan CEO Jamie Dimon regarding Bitcoin.
In an interview with CNBC, he stated that the first cryptocurrency refers to worthless assets that have no intrinsic value.
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 @yassineARKour Director of Digital Assets, highlights here! https://t.co/TsSDyTTyuk
— Cathie Wood (@CathieDWood) January 19, 2024
“Today, JPM's Jamie Dimon called blockchain technology insignificant and added that Bitcoin, as a derivative of it, is the equivalent of a pet rock. The data defies description,” Wood wrote.
She referred to a tweet by ARK Investment's director of digital assets, Yassin Elmanjr. The expert noted some technical aspects of the cryptocurrency network:
- hashrate reached 500 EH/s, which means 5 billion calculations per second;
- the figure is 67 times higher than the number of grains of sand on Earth;
- In terms of the number of operations, blockchain is approximately 500 times more productive than the most powerful supercomputer.
“Nevertheless, there are skeptics who still believe that “Bitcoin is not backed by anything,” Elmanjr concluded.
Brad Garlinghouse, in an interview with Fox Business, touched on another of Dimon’s claims against cryptocurrency: allegedly its only use case is facilitating illegal activities.
Ripple CEO Brad Garlinghouse breaks down the impact of the new Bitcoin ETFs and the future of crypto regulations pic.twitter.com/8McHdfijhL
— Mornings with Maria (@MorningsMaria) January 18, 2024
According to the head of Ripple, attackers “will always use any new tool.” In this regard, he emphasized the innovative potential of Bitcoin and the importance of regulation. Garlinghouse believes the focus needs to be on implementing anti-money laundering measures and KYC procedures.
Casa co-founder and CTO Jameson Lopp responded to Dimon’s assertions that the issue of the first cryptocurrency will not necessarily be limited to 21 million coins. The head of JPMorgan has repeatedly expressed a similar assumption.
Jamie Dimon thinks Satoshi will come back one day and print more Bitcoin.
“How do you know it will stop at 21 million?” He keeps asking YEAR after YEAR after YEAR.
Bro it's 5 LINES OF CODE and not even Satoshi can force us to change it! pic.twitter.com/315ukGolx7
— Jameson Lopp (@lopp) January 17, 2024
“Jamie Dimon thinks that one day Satoshi will come back and print more bitcoins. […] Bro, here are five lines of code and even he can’t force us to change it!” Lopp wrote.
Let us recall that in December 2023, the CEO of JPMorgan, at a meeting with US legislators, called on the government to “close down” cryptocurrencies.
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