Businessman John McAfee challenged Jamie Dimon's remarks on bitcoin on CNBC.

JP Morgan's (JPM) CEO had criticised the cryptocurrency at the Delivering Alpha conference in New York, calling it a "fraud" that will "blow up".

McAfee has previously suggested that bitcoin could reach $500,000 within three years.

The cryptocurrency has come under scrutiny recently, in part, because of its volatility.

"Bitcoin is consistently growing in its use and its value has to say something," said John McAfee.

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