Jamie Dimon’s Worry About Bitcoin is “Epitome of Hypocrisy” – Mike Novogratz

Galaxy Digital founder and CEO Mike Novogratz was on Squawk Box earlier on Thursday and responded to Jamie Dimon’s recent slander of Bitcoin, calling it an “epitome of hypocrisy.” 

The JPMorgan CEO Bitcoin Slam

Novogratz joined the Squawk Box to discuss the recent performance of Bitcoin and the broad crypto rally that is emerging in the digital asset landscape. The discussion centered around the drivers of these price rallies and the impact that it has on investors. The host of the show, Andrew Ross Sorkin recounted the bold outburst on Bitcoin by JPMorgan CEO.

While attending the Wall Street oversight hearing by the Senate Banking, Housing, and Urban Affairs committee on Capitol Hill which was held in Washington, DC, on Wednesday, Dimon lashed out on Bitcoin, stating that he would “close down” the coin if he were the government. He described BTC as a tool used by criminals to perpetrate their illicit acts.

When asked his thoughts on Dimon’s stance, Novogratz pointed out that the financial entrepreneur has constantly doubled down on BTC but has also been consistently wrong in his sentiments. Novogratz claimed that many JPMorgan clients are Bitcoin proponents who perceive the flagship cryptocurrency as a store of value. 

BTC Moves to Prove Jamie Dimon Wrong

Considering the status of most of crypto companies and their confidence in Bitcoin, the Galaxy Digital Chairman wondered how come Dimon believes he is smarter than the many investors as it relates to BTC. Moreso, the leading crypto coin has prove the Bitcoin-skeptic wrong by skyrocketing to new 2023 highs. At the time of this writing, BTC is trading at $43,663.62.

This year, the coin has recorded up to 160% surge in value. The rate of mainstream as well as institutional adoption of Bitcoin is outstandingly alarming. Novogratz confirmed the massive adoption of Bitcoin, citing that it is in almost every investor’s portfolio as hedge funds and institutions are constantly buying the coin.

Squawk Box’s Sorkin asked Novogratz if he ever considered that the JPMorgan CEO may have made the outlandish statement about Bitcoin to make the United States SEC reconsider a possible approval for spot Bitcoin ETF. In response, Novogratz reiterated that the regulator is definitely approving the several applications it has before it.