Earlier this week JP Morgan  (JPM) CEO Jamie Dimon caused Bitcoin to plummet in value when he called the cryptocurrency a "fraud" and "worse than tulip bulbs."

That ruffled quite a few feathers. Alex Gurevich, the CIO of HonTe Investments who formerly ran macro at JP Morgan, had a few heated words for Dimon. 

Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC.

— Alex Gurevich (@agurevich23) September 12, 2017

And in response to Dimon's comments, John McAfee, CEO of New York-based MGT Capital Investments and the founder of a antivirus software company, challenged Dimon on CNBC's "Fast Money." 

"I'm a Bitcoin miner," McAfee said. "We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work." McAfee further explained that miners invest "massive" amounts of supercomputing power and electricity in creating bitcoins. Surely then, there is value in creating a bitcoin, he added.

It is no surprise that McAfee is reacting to Dimon's comments with such fire. McAfee has a lot at stake after making a public forecast on Twitter and promising to eat his penis if the price of Bitcoin does not reach $500,000 in three years. 

Of course, the Dimon comments are all the more fraught given JP Morgan's past history with cryptocurrency: it is no secret that JP Morgan Chase in the past had filed for a U.S. patent application for a computerized payment system that resembles some aspects of Bitcoin, the controversial virtual currency. The following tweet has been circulated.

JPMorgan says #Bitcoin is a scam but... pic.twitter.com/KcxlyvAftV

— Not Being Governed�� (@ArtofNBG) September 13, 2017

There are a number of other Bitcoin fans who have been reacting very publicly to Dimon's comments. Jeffrey Van de Leemput, co-founder of BTC-finance and general partner at Cryptraders BV in the Netherlands who has been following cryptocurrencies from their inception, dismissed Dimon's claims as self-interested.

"The past several years, we have seen multiple cases where bankers and large corporates called Bitcoin a fraud," he said. "This is only a logical response from corporates who are actively trying to protect their market from outside threats." 

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