Ark Investment CEO Slams JPMorgan CEO For Calling Bitcoin A Pet Rock

On Jan 19, 2024

Cathie Wood slammed Jamie Dimon for calling Bitcoin a pet rock.

Cathie Wood is CEO & founder of Ark Investment fund manager. St. Petersburg, Florida, based this fund manager manages several actively managed exchange-traded funds (ETFs) and also trades stocks of those companies which has significant exposure to the crypto sector.

Recently JP Morgan CEO Jamie Dimon slammed Bitcoin blockchain technology and said that Bitcoin is equivalent to a “pet rock”.

Ark Invest CEO Wood hits back against JP Morgan CEO’s statement and drags attention toward the multiple Bitcoin supportive factors.

Bitcoin's hash rate hit an all time high 500 exahashes/s this month.

To highlight the enormity of this number:
– For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second.
– It would take ~2000 years for the entire global population,… pic.twitter.com/Ki4jOxmliO
— Yassine Elmandjra (@yassineARK) January 19, 2024

In the separate tweet, Wood explained that Bitcoin is a very big network of Bitcoin across the world and that the ability of this network is much bigger over the cloud network of Amazon, Google, and Microsoft.

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Just a week ago, the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications.

Following the approval of Bitcoin spot ETF applications in the US, the discussion on potential approval of Bitcoin spot ETF-like products started in other countries e.g Singapore, India, South Korea.

Singapore’s central bank officials openly warned all retail investors to remain away from local Bitcoin spot ETF products because no one crypto firm was allowed to offer Bitcoin spot ETF products to retail investors.

Indian Central Bank governor Shaktikant Das said that approval of Bitcoin spot ETF in developed countries doesn’t mean that the same product would give benefits to developing economies.

South Korea’s Financial Services Commission (FSC) warned all the brokers to not provide American Bitcoin spot ETF offerings to Korean people. The FSC body called offerings of such products a violation of rules & laws.

All these developments are showing a clear picture for the short term future of Bitcoin journey. In short it will take years to see the approval of Bitcoin spot ETF products across multiple countries.