‘Supremely Arrogant’: Mike Novogratz Reacts to JPMorgan CEOs Crypto Rant

By Aaron Feuerstein December 08, 2023 In Cryptos, JPMorgan
  • Mike Novogratz counters Jamie Dimon’s scepticism of Bitcoin, arguing its proven performance and growing acceptance among major investors.
  • He suggests Dimon’s Bitcoin scepticism may be a strategic or misinformed stance, emphasising Bitcoin’s global acceptance.
  • Novogratz also disputes Anthony Pompliano’s claim that Bitcoin’s investor base is static, citing evidence of a growing and diverse group of new investors in digital assets.

Challenging Jamie Dimon’s Bitcoin Stance

Mike Novogratz, Galaxy founder, CEO and Chairman, spoke to Andrew Sorkin on CNBC Market Alert about comments JPMorgan Chase CEO Jamie Dimon had made a day earlier.

Novogratz criticised Jamie Dimon’s stance on Bitcoin, highlighting Dimon’s repeated scepticism despite being proven wrong by Bitcoin’s performance and its recognition as a store of value by prominent investors and institutions. Novogratz pointed out that Bitcoin’s success is evident in its performance over various time frames, surpassing even JP Morgan’s stock. He suggests that Dimon’s view is not only incorrect but also arrogant, as it dismisses the collective belief in Bitcoin’s value by the global community, including significant figures in the financial world.

When Larry Fink went on your show and said, I think you’re going to see Bitcoin in all portfolios, I think it was kind of game over.

Mike Novogratz

Novogratz: Bitcoin a System of Narrative

Novogratz also speculates about Dimon’s motives, suggesting that his stance could be a strategic move to appease certain political figures (like Senator Elizebath Warren) or a misunderstanding of the cryptocurrency’s appeal and utility. He emphasised the growing acceptance of Bitcoin in investment portfolios worldwide, concluding that Bitcoin’s value, similar to gold, is a social construct, a shared belief in its worth that continues to gain traction globally.

It [Bitcoin] continues to show up everywhere, like this is one of the only global assets not just in the US but in Japan and Korea. Everywhere you see people, you see Bitcoin and you know that story – it’s a system of narrative actually.

Mike Novogratz

Novogratz Counters Pompliano’s Views

Host Andrew Sorkin asked Novogratz about Anthony Pompliano, who said in an interview a few days earlier, that most Bitcoin is held by the same investors for years, who are doubling down on their investment – meaning very few new entrants to the field.


Novogratz disagrees with this view, arguing that there is a diverse and broad base of investors interested in Bitcoin and other digital assets. He points to his experience with a large broker-dealer that interacts with numerous clients, which gives him a perspective on the wide range of investors buying Bitcoin.

I like Anthony, but he doesn’t have a big broker dealer that’s dealing with lots of clients. We’re seeing a diverse client base by this. If you just look at the public stocks, look at Marathon or MicroStrategy.

Mike Novogratz

Novogratz argues that the strong performance of companies like Marathon and MicroStrategy in the stock market, despite significant investments in Bitcoin, demonstrates a broad and growing interest in cryptocurrencies among U.S. retail equity investors. He cites the example of Michael Saylor, CEO of MicroStrategy, who sold a large portion of his company’s stock to invest in Bitcoin, yet the company’s stock price remained stable.

Additionally, the high trading volumes and good performance of stocks of crypto-invested companies like Marathon and Riot indicate that the interest in Bitcoin extends beyond a small group of enthusiasts to a wider, more diverse audience. This suggests a growing acceptance of Bitcoin and similar digital assets beyond just a niche group.

And so, I really think there’s a much broader base of people that want to own digital assets that want to own Bitcoin than just the few, you know, crazy Bitcoiners that maybe Anthony was talking about.

Mike Novogratz

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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