Cathie Wood, the Chief Executive Officer (CEO) of Ark Invest, has revealed her insights in the direction of JPMorgan’s CEO Jamie Dimon’s analogy of Bitcoin – the main cryptocurrency, likening the digital asset to a “pet rock.”
Cathie Wood Defends Bitcoin
JPMorgan Chase’s CEO Jamie Dimon refreshed his long-standing distrust in BTC and discounted any potential inherent worth to the token on the World Economic Forum in Davos. His assertion about Bitcoin being a “pet rock” has been receiving backlash from well-known figures within the crypto area currently.
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 (previously Twitter) to specific her displeasure with the JPMorgan CEO’s assertion concerning Bitcoin. The Ark Invest CEO identified information that counters Dimon’s analogy and proves that BTC just isn’t a nugatory asset.
The publish learn:
Today, JPM’s Jamie Dimon referred to as blockchain know-how small, and added that Bitcoin, a by-product of blockchain know-how, is the equal of a “pet rock”. Data flies within the face of Jamie’s description.
Wood drew the group’s consideration to a current post by Yassine Elmandjra, Ark Invest’s Director of Digital Assets. In the publish, Elmandjra highlighted that Bitcoin’s hash charge has reached an all-time excessive of 500 exahashes/second this month.
Elimandjra additional delves into the importance of the token’s hash charge and the general computing energy of the community. According to him, with the worldwide inhabitants performing one hash/second, it could take two millennia for the hash charge of BTC’s community to be matched.
Additionally, he famous that the Bitcoin community has the potential of “calculating around 5 billion computations per second.” He asserted the community’s hash charge is about 67 occasions greater than the grains of sand on Earth per second.
Furthermore, the director identified that BTC has surpassed probably the most highly effective supercomputers on the planet. “By number of raw operations/second, Bitcoin is ~500x more performant than the world’s most powerful supercomputer,” he said.
The token’s unprecedented hash rate demonstrates its monumental computational energy and outpacing present world capability. It additionally emphasizes its agency, actual assist that goes past concept.
Edward Snowden Follows The Wave
Another well-known determine who has slammed Jamie Dimon’s assertion is the US whistleblower Edward Snowden. Snowden additionally expressed his direct criticism on the social media platform X.
According to him, Dimon is now more durable on the token after the US Securities and Exchange Commission (SEC) approved the Bitcoin Spot Exchange-Traded Funds (ETFs).
He mocked Dimon’s steady point out 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 said.
Featured picture by iStock, chart from Tradingview.com
