Coinbase CEO Brian Armstrong Extends Respect To Jamie Dimon Amid Bitcoin Clash

Coinbase CEO Brian Armstrong recently extended respect to JPMorgan CEO Jamie Dimon despite their clashing views on Bitcoin (BTC). Armstrong’s comments came in response to a thread by Cathie Wood of Ark Invest, where she critiqued Dimon’s derogatory remarks on blockchain technology and Bitcoin.

Brian Armstrong shows respect for Jamie Dimon

In response to Wood’s thread, Armstrong wrote, “Even if we don’t fully agree on Bitcoin, I have a lot of respect for Jamie as a CEO and have learned a lot from him. Actually, everyone I’ve met from JPM has been top-notch.” This unexpected praise for Dimon by the Coinbase CEO showed a rather thoughtful approach in the often polarized discussions in the crypto domain.

This comes after Dimon remained steadfast in his criticism of Bitcoin during a public appearance in Davos. He reiterated his personal advice to avoid BTC, attributing its use cases to “AML, fraud, sex trafficking, and tax avoidance.”

Furthermore, Dimon’s skepticism persisted as he advocated for regulatory measures, and expressed support for shutting down BTC during Congressional testimony. In addition, he also dismissed Bitcoin’s utility and labeled it as a mere “pet rock.”

Moreover, his anti-Bitcoin stance remained unchanged when asked about the recent green light to 11 Spot Bitcoin ETFs. Dimon noted that he doesn’t care about the recent approval of Bitcoin ETFs even though it was a historic moment for the crypto industry. Whilst, he also stated that this would be his last time speaking about BTC in public.

Also Read: Bitcoin ETF: Fierce Competition Between BlackRock And Fidelity As Volume Jumps

Cathie Wood takes a jibe at JPM CEO by highlighting Bitcoin’s achivements

Cathie Wood, on the other hand, seized the opportunity to challenge Dimon’s recent characterization of BTC as a “pet rock.” In a recent post on X, she highlighted the impressive statistics laid out by Ark Invest’s team that support Bitcoin network’s strength. The data underscored the network’s record-breaking hash rate of 500 exahashes per second

In addition, Wood’s team provided the following points to emphasize the scale of this achievement:

• The Bitcoin network calculates 5 billion computations per second for every star in our galaxy.
• It would take approximately 2000 years for the global population, each performing one hash/second, to match the Bitcoin network’s hash rate.
• The Bitcoin network performs about 67 times more hashes per second than there are grains of sand on Earth.
• In terms of raw operations/second, Bitcoin is approximately 500 times more powerful than the world’s most advanced supercomputer.

Furthermore, Wood also shed light on Dimon’s earlier reputation as a tech-savvy CEO in 2004 with his current stance, playfully introducing him to Armstrong, which prompted the latter to respond to the thread. Her pointed remarks aimed to underscore the changing attitudes towards technology, particularly within the financial sector.

Also Read: Ark Invest Purges ProShares BITO & AMD To Buy 1 Bln ARKB Spot Bitcoin ETF