It seems that Mike Novogratz is making a strong case for Bitcoin these days, addressing the way in which BTC managed to outperform the company’s stocks in over 10 years. Check out the latest reports about this below.
Bitcoin vs. JPMorgan stocks
Mike Novogratz, the head of Galaxy Digital and a billionaire, has responded to Jamie Dimon’s recent negative remarks about cryptocurrency.
Dimon, who is known for being one of the biggest critics of digital assets, claimed during a recent congressional hearing that cryptocurrencies are primarily used by criminals.
He also stated that he is strongly against Bitcoin and other cryptocurrencies and that they should be shut down by the US government.
In contrast, Novogratz, who is an early investor in Bitcoin and Ethereum, has stated in a recent interview with CNBC that Dimon’s views are not shared by many of America’s top investors.
“He keeps doubling down and he keeps being wrong. What surprises me is so many of Jamie’s clients, some of the wealthiest guys in America – Avi Johnson of Fidelity, Jeff Yass, Stanley Druckenmiller, Ray Dalio – big, big investors, all believe that Bitcoin is a store of value.
We see it in our client base, our trading desk has been busy with hedge funds buying. We see it in institutions buying, and so I don’t know where Jamie gets off thinking he’s smarter than all those guys. It’s the epitome of arrogance.”
Novogratz oversees over $4.6 billion at Galaxy and highlights that Bitcoin has outperformed JPMorgan Chase’s stock in almost every time frame.
He thinks that it is a display of extreme arrogance on Jamie Dimon’s part to claim that he knows what holds value and everyone else doesn’t.
The fact is, Bitcoin has performed better than JPMorgan’s stock over one year, five years, and ten years. People from all around the world believe in Bitcoin and its community as they see governments spending too much money and debasing fiat currency.
Therefore, the argument has already been won. As of now, BTC is trading at $42,314, which is about 4,274,141,314% higher than its first recorded price. At the same time, JPMorgan’s stock JPM has risen by approximately 300%.
