Billionaire Mike Novogratz has rejected Jamie Dimon’s view that Bitcoin is “worthless.”
JPMorgan CEO is a longtime bitcoin known as the critic. Although JPMorgan was the first bank to provide retail asset customers with access to crypto funds, its CEO reiterated his distrust of cryptocurrency the other day.
Novogratz said in a tweet earlier Tuesday:
“Very strange. Someone who does a great job managing a giant bank has second-rate views on BTC and remains adamant about it. I pray that I stay open-minded for the rest of my life.”
Twitter CEO Jack Dorsey also reacted to Dimon’s skepticism:
“Personally, I think Jaime Dimon is more valuable to Bitcoin.”
Dimon’s comments came on the day that Bitcoin hit a five-month high above $57,000. Part of the famous CEO’s skepticism, cryptocurrency regarding the supply of the currency unit capped at 21 million tokens. Dimon, “21 million [Bitcoin] How do you know it ends with Are you all reading algorithms? Do you all believe this? “I don’t know, I’ve always been skeptical about such things,” he said.
Most advocates believe that Bitcoin’s limited supply functions as an inflation hedge that helps increase its value. According to Standard Chartered, that argument has been supported since the creation of Bitcoin in 2008, as central banks expand the supply of fiat money to stick to their own inflation targets.
Last month, Dimon said he wasn’t a Bitcoin investor because he didn’t care and that borrowing money to buy it was stupid. He added that he wouldn’t care if the price went up tenfold. It remains to be seen whether Dimon will one day change his mind.