Ark Make investments CEO Refutes Jamie Dimon’s “Pet Rock” Label For Bitcoin

Cathie Wooden, the Chief Govt Officer (CEO) of Ark Make investments, has revealed her insights in direction of JPMorgan’s CEO Jamie Dimon’s analogy of Bitcoin – the main cryptocurrency, likening the digital asset to a “pet rock.”

Cathie Wooden Defends Bitcoin

JPMorgan Chase’s CEO Jamie Dimon refreshed his long-standing distrust in BTC and discounted any potential inherent worth to the token on the World Financial Discussion board in Davos. His assertion about Bitcoin being a “pet rock” has been receiving backlash from well-known figures within the crypto area these days.

Studying: Why Cathie Wood Placed 25% Of Her Wealth In Bitcoin: A Bold Bet Unveiled

One of those who have responded is Cathie Wood, who took to the social media platform X (previously Twitter) to precise her displeasure with the JPMorgan CEO’s assertion relating to Bitcoin. The Ark Make investments CEO identified knowledge that counters Dimon’s analogy and proves that BTC is just not a nugatory asset.

The put up learn:

Right this moment, JPM’s Jamie Dimon known as blockchain expertise small, and added that Bitcoin, a by-product of blockchain expertise, is the equal of  a “pet rock”. Knowledge flies within the face of Jamie’s description.

Wooden drew the group’s consideration to a current post by Yassine Elmandjra, Ark Make investments’s Director of Digital Property. Within the put up, Elmandjra highlighted that Bitcoin’s hash fee has reached an all-time excessive of 500 exahashes/second this month.

Elimandjra additional delves into the importance of the token’s hash fee and the general computing energy of the community. In keeping with him, with the worldwide inhabitants performing one hash/second, it will take two millennia for the hash fee of BTC’s community to be matched. 

BTC hash fee achieves new peak | Supply: Yassine Elmandjra on X

Moreover, he famous that the Bitcoin community has the aptitude of “calculating around 5 billion computations per second.” He asserted the community’s hash fee is about 67 occasions increased than the grains of sand on Earth per second.

Moreover, the director identified that BTC has surpassed essentially the most highly effective supercomputers on the planet. “By number of raw operations/second, Bitcoin is ~500x more performant than the world’s most powerful supercomputer,” he acknowledged.

The token’s unprecedented hash rate demonstrates its monumental computational energy and outpacing present world capability. It additionally emphasizes its agency, actual help that goes past concept.

Edward Snowden Follows The Wave

One other well-known determine who has slammed Jamie Dimon’s assertion is the US whistleblower Edward Snowden. Snowden additionally expressed his direct criticism on the social media platform X.

In keeping with him, Dimon is now more durable on the token after the US Securities and Alternate Fee (SEC) approved the Bitcoin Spot Exchange-Traded Funds (ETFs). 

He mocked Dimon’s steady point out of Bitcoin in interviews, saying, “Spends one half of every interview insisting ‘I don’t care about Bitcoin,’ and the other half sobbing that it stole his wife and shot his dog,” he acknowledged.

BTC buying and selling at $41,266 on the 1D chart | Supply: BTCUSDT on

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