In response to Jamie Dimon’s Bitcoin “pet rock” analogy earlier, MicroStrategy’s former CEO Michael Saylor has made a sarcastic assertion.
The Epic Clapback
The CEO of JPMorgan Chase reiterated his anti-Bitcoin stance in an interview with CNBC on the World Financial Discussion board in Davos, Switzerland on January 16. Dimon suggested the general public to keep away from investments in BTC citing that cryptocurrencies together with BTC maintain little to no intrinsic worth, additional likening them to “pet rocks.”
Saylor’s reply was relatively epic, “Should you encounter a wierd new asset (“Pet Rock”) circulating on a blockchain that ‘does nothing’ apart from enable individuals to personal one thing they will ‘commerce amongst themselves’ with out worry of debasement or theft, you’ve simply found digital cash. #Bitcoin.”
Moreover, the crypto group reacted equally to the outline of Bitcoin made by Dimon. An X crypto member commented underneath Saylor’s put up, mentioning that he was going so as to add the brand new “pet rock” tag to his lengthy record which already accommodates 13 names for Bitcoin.
A number of of those names are “pristine collateral”, “a know-how”, “a retailer of worth” and lots of others.
Jamie Dimon Stays Essential of Bitcoin
Dimon has been a long-term critic of BTC, consistently stating that the digital currency has no value. “… the precise use circumstances are intercourse trafficking, tax avoidance, anti-money laundering, terrorism financing; it’s not simply individuals shopping for and promoting bitcoin. There’s no worth should you’re shopping for and promoting bitcoin,” he as soon as stated.
Galaxy Digital founder and CEO Mike Novogratz as soon as tagged Dimon’s slander of Bitcoin an “epitome of hypocrisy” throughout a Squawk Field present when Andrew Ross Sorkin, the host recounted the daring outburst on BTC by JPMorgan CEO.
Novogratz additionally highlighted that Dimon has consistently been fallacious in his predictions and sentiments round Bitcoin.
It’s only logical for Saylor to react on this method in the direction of Dimon’s description of Bitcoin. Because the co-founder of the non-crypto firm with the most important BTC holding, Michael Saylor’s love for the coin is at its peak. MicroStrategy has a Bitcoin strategy that it has consistently engaged, incomes it the title of the most important Bitcoin holder.
As of December 2023, the corporate boasted of just about 190,000 BTC items.