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

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Cathie Wood, the Chief Executive Officer (CEO) of Ark Invest, has revealed her insights towards JPMorgan’s CEO Jamie Dimon’s analogy of Bitcoin – the leading cryptocurrency, likening the digital asset to a “pet rock.”

Cathie Wood Defends Bitcoin

JPMorgan Chase’s CEO Jamie Dimon refreshed his long-standing mistrust in BTC and discounted any potential inherent value to the token at the World Economic Forum in Davos. His statement about Bitcoin being a “pet rock” has been receiving backlash from well-known figures in the crypto space lately.

Reading: 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 (formerly Twitter) to express her displeasure with the JPMorgan CEO’s statement regarding Bitcoin. The Ark Invest CEO pointed out data that counters Dimon’s analogy and proves that BTC is not a worthless asset.

The post read:

Today, JPM’s Jamie Dimon called blockchain technology small, and added that Bitcoin, a derivative of blockchain technology, is the equivalent of  a “pet rock”. Data flies in the face of Jamie’s description.

Wood drew the community’s attention to a recent post by Yassine Elmandjra, Ark Invest’s Director of Digital Assets. In the post, Elmandjra highlighted that Bitcoin’s hash rate has reached an all-time high of 500 exahashes/second this month.

Elimandjra further delves into the significance of the token’s hash rate and the overall computing power of the network. According to him, with the global population performing one hash/second, it would take two millennia for the hash rate of BTC’s network to be matched. 

BTC hash rate achieves new peak | Source: Yassine Elmandjra on X

Additionally, he noted that the Bitcoin network has the capability of “calculating around 5 billion computations per second.” He asserted the network’s hash rate is about 67 times higher than the grains of sand on Earth per second.

Furthermore, the director pointed out that BTC has surpassed the most powerful supercomputers in the world. “By number of raw operations/second, Bitcoin is ~500x more performant than the world’s most powerful supercomputer,” he stated.

The token’s unprecedented hash rate demonstrates its enormous computational power and outpacing current global capacity. It also emphasizes its firm, real support that goes beyond theory.

Edward Snowden Follows The Wave

Another famous figure who has slammed Jamie Dimon’s statement is the US whistleblower Edward Snowden. Snowden also expressed his direct criticism on the social media platform X.

According to him, Dimon is now harder on the token after the US Securities and Exchange Commission (SEC) approved the Bitcoin Spot Exchange-Traded Funds (ETFs). 

He mocked Dimon’s continuous mention 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 stated.

Bitcoin
BTC trading at $41,266 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image by iStock, chart from Tradingview.com



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