The former principal and macro fund manager at FIG (Fortress Investment Group), Mike Novogratz, has commented that Jamie Dimon is a ‘rent-taker’ and will lose the fight against Bitcoin and Cryptocurrencies.
Some days ago, Jamie Dimon gave his opinion on Bitcoin saying that “is a fraud” and will eventually blow up. He also called Bitcoin investors “stupid” and that he will immediately fire employees that have invested in Bitcoin or cryptocurrencies.
Novogratz, in an interview with Bloomberg, said that Jamie Dimon, as banker, has no choice but to criticize Bitcoin and cryptocurrencies. “Jamie Dimon gets paid to worry about bitcoin because he is a rent-taker. The decentralized revolution is about going after rent-takers. His bank is in the crosshairs of the crypto-revolution. He is going to lose”, he said.
JPMorgan is investing in Blockchain technology
Jamie Dimon made a clear distinction between Bitcoin and Blockchain technology. “The technology behind Bitcoin will be used to transport money. But it will not be Bitcoin, but US Dollars that will be transported”, remarked.
As CoinStaker reported some days ago, JPMorgan Chase is investing hardly in Blockchain technology. In this way, the largest bank in the United States, is planning to make transactions faster and reduce transactional costs.
Dimon’s public comments on Bitcoin and cryptocurrencies do not mean that JPMorgan is against all cryptocurrencies. The bank’s chief financial officer, Marianne Lake, said that the bank is willing to work with cryptocurrencies.
Andrew Gray, a high representative from JPMorgan Chase, made clear that the American Bank is a truly believer in the blockchain technology and would support regulated cryptocurrencies.
“It is an oversimplification of the issue to think that bitcoin is synonymous with blockchain or cryptocurrencies generally”, Andy Gray commented to Bloomberg.
What about investments in Bitcoins?
According to Mike Novogratz, institutional investors had already begun to invest in Bitcoin. Indeed, Novogratz is starting a crypto hedge fund with $500 million dollars with $150 million of his own. By January he expects to raise $350 million dollars more from family offices, wealthy individuals and fellow hedge fund managers, reported Bloomberg.
He also commented that the cryptocurrency market could be worth $5 trillion dollars in five years. CoinStaker team calculated that Bitcoin price should be approximately $493,193 dollars in order to have the same market capitalization as gold, with 8,2 trillion dollars. But we are unable to know whether this price will be reached or not.
But Novogratz kept commenting about Bitcoin during the interview to Bloomberg. “It (Bitcoin) is a bubble and will be the biggest of our lifetime”, he said. “Blockchain, will change the way we live”, he finished.
About Blockchain technology, Novogratz and Jamie Dimon share the same point of view. The difference between them lies in the way of conceiving cryptocurrency control. Dimon said that governments will “crush” bitcoin and that is “great for criminals”. At the same time, Novogratz commented to Bloomberg: “Is not just about Bitcoin. The real revolution is a decentralized world.”.
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