Galaxy Digital CEO Mike Novogratz challenged JPMorgan CEO Jamie Dimon's negative stance on Bitcoin, reminding us that BTC has significantly outperformed JPMorgan's shares.
Dimon, a long-time critic of Bitcoin, recently reiterated his views on Capitol Hill, arguing that cryptocurrencies should be banned and are only useful for criminals, drug traffickers, money laundering and tax avoidance.
However, Novogratz disagrees with Dimon's point of view. “It keeps repeating itself and keeps getting it wrong. Bitcoin has vastly outperformed JPMorgan shares for one year, five years, 10 years, you pick the period,” he said in an interview on CNBC's “Squawk Box.”
Bitcoin is up 161% in 2023, compared to JPMorgan's gain of about 17%. While Bitcoin gained 128% in value in the last three years, JPMorgan shares increased by 28%, providing a total return of 39%.
Despite Bitcoin's volatile nature and the coin losing nearly 60% of its value from its all-time high in November 2021, Novogratz believes the global community is waking up to Bitcoin's potential:
“People around the world believe in this, and they believe in the community, they believe in the ecosystem. “They're seeing governments spending a lot of money, not just in the US… When BlackRock CEO Larry Fink came on your show and said, 'I think you're going to see Bitcoin in all portfolios,' the issue was already mooted and won.”
Novogratz also emphasized that Bitcoin's first rally at the beginning of this year was primarily driven by US banking crisis woes, but its second rally, which began in the summer, was related to the race to launch a US BTC exchange-traded fund (ETF).
*This is not investment advice.
