{"id":9963,"date":"2024-01-19T18:04:13","date_gmt":"2024-01-19T16:04:13","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-community-responds-to-jamie-dimons-bitcoin-criticism\/"},"modified":"2024-01-19T18:04:13","modified_gmt":"2024-01-19T16:04:13","slug":"crypto-community-responds-to-jamie-dimons-bitcoin-criticism","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-community-responds-to-jamie-dimons-bitcoin-criticism\/","title":{"rendered":"Crypto Community Responds to Jamie Dimon&#8217;s Bitcoin Criticism"},"content":{"rendered":"<p>ARK Invest founder Cathie Wood and Ripple CEO Brad Garlinghouse have responded to recent critical remarks about Bitcoin made by JPMorgan&#8217;s Jamie Dimon.<\/p>\n<p>In an interview with CNBC, Dimon described the leading cryptocurrency as a useless asset lacking intrinsic value.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Today, JPM\u2019s Jamie Dimon called blockchain technology small, and added that bitcoin, a derivative of blockchain technology, is the equivalent of a \u201cpet rock\u201d. Data flies in the face of Jamie\u2019s description, as <a href=\"https:\/\/twitter.com\/yassineARK?ref_src=twsrc%5Etfw\">@yassineARK<\/a>, our Director of Digital Assets, highlights here! <a href=\"https:\/\/t.co\/TsSDyTTyuk\">https:\/\/t.co\/TsSDyTTyuk<\/a><\/p>\n<p>\u2014 Cathie Wood (@CathieDWood) <a href=\"https:\/\/twitter.com\/CathieDWood\/status\/1748201077080568167?ref_src=twsrc%5Etfw\">January 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cToday, Jamie Dimon from JPM called blockchain technology insignificant and added that Bitcoin, as a derivative of it, is the equivalent of a <span data-descr=\"The Pet Rock \u2014 a toy in the form of a smooth stone with glued-on eyes, created in 1975 by U.S. marketer Gary Dahl. The expression later came to mean something pointless\" class=\"old_tooltip\">\u201cpet rock\u201d<\/span>. Data challenges this description,\u201d wrote Wood.<\/p>\n<\/blockquote>\n<p>She referred to a tweet by ARK Investment&#8217;s Director of Digital Assets, Yassine Elmandjra, who highlighted some technical aspects of the cryptocurrency network:<\/p>\n<ul class=\"wp-block-list\">\n<li>The hash rate has reached 500 EH\/s, equating to 5 billion calculations per second;<\/li>\n<li>This figure is 67 times the number of grains of sand on Earth;<\/li>\n<li>In terms of operations, the blockchain is approximately 500 times more productive than the most powerful supercomputer.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cYet there are skeptics who still believe that \u2018Bitcoin is backed by nothing\u2019,\u201d concluded Elmandjra.<\/p>\n<\/blockquote>\n<p>Brad Garlinghouse, in an interview with Fox Business, addressed another of Dimon&#8217;s criticisms of cryptocurrency: that its sole use case is facilitating illegal activities.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Ripple CEO Brad Garlinghouse breaks down the impact of the new Bitcoin ETFs and the future of crypto regulations <a href=\"https:\/\/t.co\/8McHdfijhL\">pic.twitter.com\/8McHdfijhL<\/a><\/p>\n<p>\u2014 Mornings with Maria (@MorningsMaria) <a href=\"https:\/\/twitter.com\/MorningsMaria\/status\/1747979054874067159?ref_src=twsrc%5Etfw\">January 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the Ripple CEO, wrongdoers \u201cwill always use any new tool.\u201d In this context, he emphasized Bitcoin&#8217;s innovative potential and the importance of regulation. Garlinghouse believes that focus should be on implementing anti-money laundering measures and <span data-descr=\"Know Your Customer\" class=\"old_tooltip\">KYC<\/span> procedures.<\/p>\n<p>Casa co-founder and CTO Jameson Lopp responded to Dimon&#8217;s assertions that the issuance of the first cryptocurrency might not be limited to 21 million coins. The JPMorgan chief has repeatedly made such claims.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Jamie Dimon thinks Satoshi will come back one day and print more Bitcoin.<\/p>\n<p>&#8220;How do you know it will stop at 21 million?&#8221; He keeps asking YEAR after YEAR after YEAR.<\/p>\n<p>Bro it&#8217;s 5 LINES OF CODE and not even Satoshi can force us to change it! <a href=\"https:\/\/t.co\/315ukGolx7\">pic.twitter.com\/315ukGolx7<\/a><\/p>\n<p>\u2014 Jameson Lopp (@lopp) <a href=\"https:\/\/twitter.com\/lopp\/status\/1747676311462830313?ref_src=twsrc%5Etfw\">January 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cJamie Dimon thinks that one day Satoshi will return and print more bitcoins. [\u2026] Bro, here are five lines of code, and even he cannot make us change it!\u201d wrote Lopp.<\/p>\n<\/blockquote>\n<p>Back in December 2023, the CEO of JPMorgan urged the U.S. government to \u201cshut down\u201d cryptocurrencies during a meeting with lawmakers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ARK Invest founder Cathie Wood and Ripple CEO Brad Garlinghouse have responded to recent critical remarks about Bitcoin made by JPMorgan&#8217;s Jamie Dimon. In an interview with CNBC, Dimon described the leading cryptocurrency as a useless asset lacking intrinsic value. Today, JPM\u2019s Jamie Dimon called blockchain technology small, and added that bitcoin, a derivative of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1274,1219,936,1283,229,1138],"class_list":["post-9963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brad-garlinghouse","tag-cathie-wood","tag-jameson-lopp","tag-jamie-dimon","tag-jpmorgan","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9963"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9962"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}