Novogratz on Jamie Dimon: 'he keeps being wrong' about crypto

Bitcoin has massively outperformed JPMorgan stock on any given timeframe, says Michael Novogratz. He’s the Chief Executive of Galaxy Investment Partners.

Novogratz continues to favour BTC

His comment arrives just a day after the bank’s top boss – Jamie Dimon said he’d shut down cryptocurrencies if here were the government (find out more).

To which, Novogratz said today on CNBC’s “Squawk Box”, that “he keeps doubling down and he keeps being wrong”.

Note that Bitcoin is currently up more than 150% versus the start of this year while $JPM is up only 25% versus its year-to-date low in late March.

Novogratz sees support from Larry Fink – the Chief Executive of BlackRock that is awaiting approval for its application for a Spot Bitcoin ETF as a sign that the “story has been argued and won” as well.

JPMorgan was fined big in 2020

Novogratz agreed that Dimon is a “very smart guy” and that he accepts his views on a lot of things. The Galaxy CEO even suggested he should run for President of the United States.

But Dimon has been consistently wrong on cryptocurrency – it’s unfair to think of this market as good only for drug traffickers and criminals looking to avoid taxes or launder money, he added.

It is worth mentioning here that JPMorgan Chase & Co (NYSE: JPM) itself was fined just shy of $1.0 billion in 2020 for participating in deceptive trades over a period of eight years.

The investment bank is slated to report its fourth-quarter financial results in mid-January. Consensus is for it to earn $3.72 a share versus $3.57 per share a year ago.