Bitcoin has massively outperformed JPMorgan stock in any given time period, says Michael Novogratz. He is the CEO of Galaxy Investment Partners.
Novogratz continues to favor BTC
His comment comes just a day after the bank’s top boss, Jamie Dimon, said he would shut down cryptocurrencies if the government were here (more information).
To which, Novogratz said today on CNBC’s “Squawk Box” that he “keeps doubling down and keeps getting it wrong.”
Note that Bitcoin is currently up over 150% from the start of this year, while $JPM is up just 25% from its year-to-date low in late March.
Watch it here: https://www.youtube.com/embed/kZ3UEfZKbbs?feature=oembed
Novogratz sees the support from Larry Fink, the CEO of BlackRock, who is awaiting approval of his application for a Spot Bitcoin ETF, as a sign that the “story has been argued and won” as well.
JPMorgan received a large fine in 2020
Novogratz agreed that Dimon is a “very smart guy” and that he accepts his points of view on many things. Galaxy’s CEO even suggested that he should run for president of the United States.
But Dimon has been consistently wrong about cryptocurrencies: It’s unfair to think that this market is good only for drug traffickers and criminals looking to evade taxes or launder money, he added.
It’s worth mentioning here that JPMorgan Chase & Co (NYSE: JPM) itself was fined just under $1 billion in 2020 for engaging in deceptive trading over an eight-year period.
Banks would shut down cryptocurrencies because they reduce their profits.
Let’s not forget JP Morgan, Chase helped facilitate illicit transactions for JE other pedos and was fined $75 million.
Elites love cash because they can easily hide it.
pic.twitter.com/plldpglI0X
– Wendy O (@CryptoWendyO) December 6, 2023
The investment bank is scheduled to report its fourth-quarter financial results in mid-January. The consensus is that it will earn $3.72 per share versus $3.57 per share a year ago.
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