In response to Jamie Dimon’s negative remarks regarding Bitcoin, CEO Cathie Wood of ARK Invest offered her thoughts.
At this week’s World Economic Forum, Dimon continued his recent trend of comparing Bitcoin to a “pet rock” and has previously called the cryptocurrency “worthless” and a “hyped-up fraud.”
Yassine Elmandjra is the Director of Digital Assets at ARK Invest, and Wood retaliated by drawing attention to a publication by Elmandjra. According to her tweet, “Today, JPM’s Jamie Dimon called blockchain technology small.” She went on to say that bitcoin, which is a kind of blockchain technology, is like a “pet rock” in comparison. The data contradicts Jamie’s account.
However, Bitcoin’s market performance tells a different story; the cryptocurrency has increased in value by over 100% in the last year and is now trading at $41,200.
Notable asset management companies are showing a lot of interest in the cryptocurrency market. A number of them have lately introduced spot Bitcoin ETFs, including BlackRock, Franklin Templeton, WisdomTree, and ARK 21Shares Bitcoin ETF.
A large chunk of Wood’s personal wealth is Bitcoin, as she disclosed last week. At least a quarter of her wealth is in bitcoin, not including Ark or real estate.
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