In a spirited exchange on CNBC, Galaxy Digital's CEO Michael Novogratz didn't hold back in addressing JPMorgan CEO Jamie Dimon's persistent skepticism about Bitcoin.
As reported by U.Today, Dimon has suggested a governmental crackdown on cryptocurrencies, citing its crime-related use cases.
In the meantime, Bitcoin's market performance tells a different story with a staggering 150% surge this year. It recently hit the $44,000 mark.
"He keeps doubling down"
Dimon is one of the most consistent critics of Bitcoin who is yet to warm up to the novel asset class despite the fact that a lot of his clients have dipped their toes into the market.
"He keeps doubling down. And he keeps being wrong," Novogratz said of Dimon's Bitcoin stance.
The Galaxy CEO pointed to the irony of Dimon's position given the pro-Bitcoin sentiment among JPMorgan's own heavyweight clients.
"What surprises me is so many of Jamie's clients, the wealthiest guys in America, believe in Bitcoin," Novogratz added, questioning Dimon's dismissive attitude towards the digital asset.
"I don't know where Jamie gets off thinking he's smarter than all those guys," he quipped.
Institutions are buying Bitcoin
Despite Dimon's bearish view, Bitcoin is gaining traction among financial heavyweights. Novogratz stressed the shift, noting, "We see it in institutions buying."
He shared his bullish outlook for Bitcoin's regulatory future, predicting an imminent SEC nod for a Bitcoin ETF. "All our indications is that is going to happen," Novogratz emphasized.
The crypto mogual has pointed to a diversifying investor base and a strong appetite for crypto exposure among U.S. retail equity investors.