TL;DR Breakdown
- Brian Armstrong, Novogratz fires JP Morgan CEO for negative stance on Bitcoin.
- Saylor questions if Dimon understands Bitcoin at all.
Brian Armstrong, CEO of Coinbase, Michael Saylor, CEO of MicroStrategy, among others in the crypto community, have fired at Jamie Dimon, CEO of JP Morgan, over his negative review on Bitcoin.
While speaking on Monday at the Institute of International Finance event, the JP Morgan CEO said Bitcoin is worthless. This is despite the continued demand for Bitcoin by customers of JP Morgan Bank. The CEO has said he is unimpressed with the crypto performance.
Dimon doubled down on his views on Bitcoin, asserting that from his perspective, the asset lacks any intrinsic value, and he does not advise taking it as a serious investment.
He, however, noted that JP Morgan can’t custody it, but the bank can give its clients a “legitimate, as-clean-as-possible access” to crypto.
Brian Armstrong responds to Dimon, takes subtle aim at him
The Coinbase CEO responded to Dimon’s questions about Bitcoin’s limited supply pegged at 21 million
The JP Morgan CEO questioned, “I’ll just challenge the group to one other thing: how do you know it ends at 21 million?” “You all read the algorithms? You guys all believe that? I don’t know. I’ve always been a skeptic of stuff like that.”
Responding, Brian Armstrong said in a Twitter post, “Yes, I read it. And then I wrote it (coding up our own Bitcoin node) to make sure I understood it.” The Coinbase CEO said further, “CEOs without a science/engineering background are going to be at a disadvantage in the coming decades” because “software is eating the world, changing every industry.”
“Luckily, the tools to learn it are available online for free and are getting better and better. It’s accessible to almost anyone if they are willing to power through it, and at least learn the basics,” he added.
Saylor questions if Dimon understand’s Bitcoin
Michael Saylor, the CEO of MicroStrategy, however, remarked, “the critical question faced by bankers and investors worldwide is ‘Do you understand Bitcoin?’”
“So strange. For a man who has done a brilliant job running a giant bank, his answers around [Bitcoin] are sophomoric, and he keeps doubling down on them,” he said further.
