Galaxy Digital head and billionaire Mike Novogratz is addressing JPMorgan CEO Jamie Dimon’s latest anti-crypto comments.
Dimon, one of the most prolific critics of cryptocurrency, said in a recent testimony to Congress that digital assets are essentially just for criminals.
The JPMorgan CEO said he’s deeply opposed to crypto and Bitcoin (BTC), saying that the only true use case for the technology is for criminals, drug traffickers and other bad actors. He also said that if he was the US government, he would “close it down.”
In a new CNBC interview, Novogratz, an early Bitcoin and Ethereum (ETH) investor, says that Dimon’s stance is contrary to many of America’s top investors.
“He keeps doubling down and he keeps being wrong. What surprises me is so many of Jamie’s clients, some of the wealthiest guys 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 client base, our trading desk has been busy with hedge funds buying. We see it in institutions buying, and so I don’t know where Jamie gets off thinking he’s smarter than all those guys. It’s the epitome of arrogance.”
Novogratz, who oversees over $4.6 billion at Galaxy, points out that Bitcoin has outperformed JPMorgan Chase’s stock in virtually every timeframe.
“I think it’s supreme arrogance to think he knows what has value but all of the rest of the people don’t. And quite frankly, he’s just been proven wrong. Bitcoin has way outperformed JPMorgan’s stock over one year, five years, ten years, you name the period.
People around the world believe in this, and they believe in the community, the ecosytem. They see the governments spending too much money, not just in the US, but everywhere and think [they’re] going to debase fiat currency.
So, the story has already been argued and won.”
At time of writing, BTC is trading at $42,314, up about 4,274,141,314% from its first recorded price of $0.00099. In the same time frame, JPMorgan’s stock JPM is up about 300%.
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