Cathie Wood Slams JPMorgan CEO For Calling Bitcoin A Pet Rock: 'Data Flies In The Face Of Jamie's Description'

ARK Invest’s CEO Cathie Wood responded to JPMorgan Chase CEO Jamie Dimon’s dismissive comments about Bitcoin BTC/USD. 

What Happened: Dimon, speaking at the World Economic Forum, likened Bitcoin to a “pet rock”, earlier this week, a sentiment he has echoed in the past by labeling Bitcoin “worthless” and a “hyped-up fraud.”

Wood fired back, bringing attention to a post by Yassine Elmandjra, ARK Invest’s Director of Digital Assets. She said in a tweet on X, "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."

"Bitcoin’s hash rate hit an all-time high of 500 exahashes per second this month.” Elmandjra offered comparisons to emphasize the significance of this hash rate, stating that “for every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second,” and that it dwarfs the capabilities of the world’s most potent supercomputer by a factor of 500.

Wood in a separate tweet explained that Bitcoin is backed by the largest computer network in the world, "a network orders of magnitude larger than the combined size of the clouds that Amazon, Google, and Microsoft have built over the last 15-20 years."

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Why It Matters: Meanwhile, Bitcoin’s market performance paints a different picture, hovering around $41,200 and having surged by more than 100% over the past year.

The cryptocurrency sector is seeing increased interest from leading asset management firms such as BlackRock, Franklin Templeton, ARK 21Shares Bitcoin ETF and WisdomTree among others, who have recently launched their spot Bitcoin ETFs.

Last week, Wood revealed that her personal portfolio has a significant portion invested in Bitcoin. Excluding Ark and real estate, BTC accounts for at least 25% of her net worth.

Price Action: At the time of writing, Bitcoin was trading at $41,148 down 3.40% in the last 24 hours, according to Benzinga Pro.

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