Ark Invest CEO Cathie Wood has hit back after JPMorgan CEO Jamie Dimon made disparaging comments about Bitcoin, likening it to a "useless pet rock." Wood said the data doesn't support that view and appeared to question Dimon's ability to work with technology, criticizing the JPMorgan chief in the third of a string of tweets.
Wood initially responded by citing a tweet from ARK Invest’s digital asset director Yassine Elmandjra. Elmandjra’s post noted that Bitcoin’s hash rate reached an all-time high of 500 exahashes per second this month. To emphasize the significance of this milestone, he shared the information that “for every star in our galaxy, the Bitcoin network performs 500 million calculations per second.”
That's 500 times greater than the capacity of the world's most powerful supercomputer, he added.
Today, JPM’s Jamie Dimon called blockchain technology small, and added that Bitcoin, as a derivative of blockchain technology, is the equivalent of a “pet rock.” The data runs counter to Jamie’s characterization, as our Director of Digital Assets @yassineARK highlights here!
In another post, Wood said Bitcoin is “backed by the largest computer network in the world.” She added that the network is “larger than the cloud services built by Amazon, Google, and Microsoft in the last 15-20 years combined.”
Wood continued to mock Dimon in a third post, bringing up JPMorgan's acquisition of Bank One in 2004. She recalled how investors were excited that the Wall Street giant's CEO was "very tech-savvy," adding that tech investors at the time "admired him a lot."
“Jamie, I’d like to introduce you to @brian_armstrong,” she added, referring to the CEO of crypto exchange Coinbase.
Cathie Wood predicts that Bitcoin could rise to as high as $1.5 million in the next bull run due to the introduction of a spot Bitcoin exchange-traded fund (ETF) in the United States.
She said ARK Invest’s base case forecast for the leading cryptocurrency is around $600,000, while the fund manager’s bearish target is around $250,000.
However, Wood said that the probability of BTC reaching $1.5 million in the next bull run has increased due to the Bitcoin ETF.
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