Cathie Wood, Chief Executive Officer (CEO) of Ark Invest, has revealed his thoughts on JPMorgan CEO Jamie Dimon's analogy with bitcoin, the leading cryptocurrency, comparing the digital asset to a “pet stone.”
Cathie Wood defends bitcoin
Jamie Dimon, CEO of JPMorgan ChaseHe refreshed his long-standing distrust of btc and dismissed any potential value inherent in the token at the World Economic Forum in Davos. His statement about bitcoin being a “pet rock”He has been receiving negative reactions from well-known figures in the crypto space lately.
Reading: Why Cathie Wood Invested 25% of Her Wealth in bitcoin – Bold Bet Revealed
One of those who responded is Cathie Wood, who took to social media platform The CEO of Ark Invest pointed to data that contradicts Dimon's analogy and demonstrates that btc is not a worthless asset.
The post said:
Today, JPM's Jamie Dimon called blockchain technology small and added that bitcoin, a derivative of blockchain technology, is the equivalent of a “pet stone.” The data goes against Jamie's description.
Wood brought the community's attention to a recent mail by Yassine Elmandjra, Head of Digital Assets at Ark Invest. In the post, Elmandjra highlighted that bitcoin's hash rate has reached an all-time high of 500 exahashes/second this month.
Elimandjra delves deeper into the importance of the token hash rate and the overall computing power of the network. According to him, with the world's population performing one hash per second, it would take two millennia to match the hash rate of the btc network.
Furthermore, he pointed out that the bitcoin The network has the capacity to “compute about 5 billion calculations per second.” He claimed that the network's hash rate is approximately 67 times greater than Earth's grains of sand per second.
Furthermore, the director noted that btc has surpassed the most powerful supercomputers in the world. “By number of raw operations per second, bitcoin has ~500 times more performance than the world's most powerful supercomputer,” he said.
The token is unprecedented. hash rate It demonstrates its enormous computational power and exceeds current global capacity. Its firm and real support also stands out, which goes beyond theory.
Edward Snowden follows the wave
Another famous figure who has criticized Jamie Dimon's statement is American whistleblower Edward Snowden. Snowden too voiced his direct criticism on the social media platform X.
According to him, Dimon is now tougher on the token after the US Securities and Exchange Commission (SEC) approved bitcoin spot exchange-traded funds (ETFs).
He mocked Dimon's continued mention of bitcoin in interviews, saying: “He spends half of every interview insisting 'I don't care about bitcoin' and the other half sobbing because he stole his wife and shot his dog.” , he claimed.
Featured image from iStock, chart from Tradingview.com
