The Epic Clapback
JPMorgan Chase CEO Jamie Dimon reiterated his anti-Bitcoin stance, comparing cryptocurrencies to “pet rocks” and advising against investing in BTC due to its lack of intrinsic value. In response, MicroStrategy’s former CEO Michael Saylor sarcastically stated that if you come across a new asset on a blockchain that allows people to trade without fear of debasement or theft, you have discovered digital money—Bitcoin.
If you encounter a strange new asset (“Pet Rock”) circulating on a blockchain that “does nothing” other than allow people to own something they can “trade among themselves” without fear of debasement or theft, you have just discovered digital money. #Bitcoin
— Michael Saylor
(@saylor) January 17, 2024
The crypto community also responded similarly to Dimon’s description of Bitcoin. One member commented on Saylor’s post, adding the “pet rock” tag to their list of 13 names for Bitcoin, including “pristine collateral,” “a technology,” and “a store of value.”
Jamie Dimon Remains Critical of Bitcoin
Dimon has long been critical of BTC, claiming it has no value and associating it with sex trafficking, tax avoidance, anti-money laundering, and terrorism financing. Galaxy Digital founder Mike Novogratz called Dimon’s remarks on Bitcoin the epitome of hypocrisy and pointed out his history of being wrong about the cryptocurrency.
Saylor’s response to Dimon’s description of Bitcoin is understandable given MicroStrategy’s significant BTC holdings. The company holds almost 190,000 BTC units, making it the largest Bitcoin holder among non-crypto companies.
Hot Take: Michael Saylor Claps Back at Jamie Dimon’s “Pet Rock” Analogy
MicroStrategy’s former CEO Michael Saylor delivered a sarcastic response to JPMorgan Chase CEO Jamie Dimon’s comparison of cryptocurrencies to “pet rocks.” Saylor highlighted that Bitcoin allows for secure peer-to-peer transactions without fear of debasement or theft, emphasizing its role as digital money. The crypto community also chimed in, adding the “pet rock” tag to their list of names for Bitcoin. Dimon has long criticized Bitcoin, claiming it lacks value and is associated with illicit activities. However, critics like Mike Novogratz have called out Dimon’s hypocrisy and his track record of being wrong about Bitcoin. Given MicroStrategy’s substantial BTC holdings, Saylor’s defense of the cryptocurrency is not surprising.
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