Novogratz: JPMorgan CEO Jamie Dimon Is Wrong About Bitcoin, ‘Supreme Arrogance’ to Dismiss Value

Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government.

Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz

Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders.

Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated:

He keeps doubling down and he keeps being wrong.

The Galaxy Digital chief proceeded to point out that many of Dimon’s own clients and some of the wealthiest people in the U.S. believe in bitcoin, including Fidelity Investments CEO Abigail Johnson, famed investor Stanley Druckenmiller, and Bridgewater Associates founder Ray Dalio. Novogratz said they are “big, big investors” who “believe that bitcoin is a store of value.”

Novogratz further shared that his firm’s clients believe in bitcoin, stating: “We see it in our client base. Our trading desk has been busy with hedge funds buying. We see it in institutions buying. So, I don’t know where Jamie gets off thinking he’s smarter than all those guys.” He stressed:

I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t.

“And quite frankly he’s just been proven wrong. Bitcoin has way outperformed JPMorgan’s stock over one year, five years, 10 years — you name the period. People around the world believe in this, and they believe in the community’s ecosystem. They see governments spending too much money, not just here in the U.S. but everywhere, and think you are going to debase fiat currency,” Novogratz described. He also cited Blackrock CEO Larry Fink stating that he expects to see bitcoin in all portfolios.

Do you agree with Mike Novogratz that it’s supreme arrogance for JPMorgan CEO Jamie Dimon to think he knows what has value but all the rest of the people don’t? Let us know in the comments section below.