Cathie Wood Blasts JPMorgan CEO Jamie Dimon For Dissing Bitcoin, Seems To Question His Tech Savvy

Updated: 19 January 2024

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Ark Invest CEO Cathie Wood hit back at Jamie Dimond after the JPMorgan CEO made dismissive comments about Bitcoin, likening it to a ”pet rock” that “does nothing.”

Wood said data doesn’t support such an opinion, and seemed to question Dimon’s tech savvy in the third of a barrage of tweets criticizing the JPMorgan helmsman.

Wood initially fired back by referring to a tweet posted by ARK Invest’s Director of Digital Assets, Yassine Elmandjra.

Elmandjra’s post noted that Bitcoin’s hash rate hit an all time high of 500 exahashes per second this month. To emphasize the significance of this milestone, he shared that, “for every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second.”

He added that this dwarfs the capabilities of the world’s most potent supercomputer by a factor of 500.

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

In a separate X post, Wood said that Bitcoin is, “backed by the largest computer network in the world.” She added that the network is, “larger than the combined size of clouds that Amazon, Google, and Microsoft have built over the last 15-20 years.”

Wood went on to taunt Dimon in a third post, when she referred back to 2004 and JPMorgan’s purchase of Bank One.

Wood recalled how excited investors were at the fact that the Wall Street giant’s CEO, Dimon, “was so tech savvy,” adding that tech oriented investors at the time “admired him enormously.”

“Jamie, I would like to introduce you to @brian_armstrong,” she added, referring to the CEO of the crypto exchange Coinbase.

Cathie Wood Sees BTC Reaching As High As $1.5 Million

Wood predicted in an interview with CNBC on Jan. 11 that BTC could rise to as high as $1.5 million in the next bull run, given the introduction of spot Bitcoin ETFs (exchange-traded funds) in the United States.

Updated 2030 #Bitcoin price prediction:

Cathie Wood, CEO of ARK Invest

Bear case: $250,000
Base case: $600,000
Bull case: $1.5M

Big: pic.twitter.com/GjsY67i8Nj
— Altcoin Daily (@AltcoinDailyio) January 11, 2024

She shared that ARK Invest’s base case for the leading cryptocurrency is around $600,000, while the fund manager’s bearish target is approximately $250,000. Wood said, however, that the probability of BTC reaching $1.5 million in the next bull cycle has risen due to Bitcoin ETFs.

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