Billionaire investor Mike Novogratz has criticized Jamie Dimon’s stance on the flagship cryptocurrency bitcoin, as the CEO of JPMorgan said the cryptocurrency is “worthless” and questioned its 21 million supply cap.

On Twitter, Novogratz commented on Dimon’s words, saying that he has done a “brilliant job running a giant bank,” but has “sophomoric” answers on the flagship cryptocurrency and “keeps doubling down on them.”

As reported, at the Institute for International Finance event, Dimon suggested most BTC investors did not check the cryptocurrency’s open-source code to verify whether it has a 21 million supply limit set or not, adding he has “always been skeptic of stuff like that.”

The CEO’s comments came as the price of bitcoin hovers around $57,000 as it progressively moves closer to its all-time after trading within the $40,000 to $45,000 range for a few weeks. Bitcoin’s code, it’s worth noting, notes the maximum number of BTC that will ever exist is limited to 21 million.

During the event, Dimon also noted that he personally doesn’t believe BTC has any value, but added JPMorgan is willing to serve clients looking for cryptocurrency exposure.

Twitter CEO Jack Dorsey also commented on Dimon’s words, saying:

As CryptoGlobe reported, last month Dimon seemed to grudgingly admit that the price of bitcoin could reach $400,000 over the next five years, although he noted he personally does not care about the crypto or its performance.

At the event Dimon echoed previous comments he made stating that BTC will be regulated, arguing that “no matter what anyone in the room thinks,” governments will eventually regulate cryptocurrencies and blockchain technology.

In 2017, Dimon had called bitcoin a fraud worse than the tulip bubble and said he would fire any JPMorgan trader who transacted in the cryptocurrency.


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Featured image via Pixabay