Bitcoin battle: Winklevoss twins vs. JPMorgan CEO Jamie Dimon

Cameron and Tyler Winklevoss, the 1st documented bitcoin Opens a new Window. billionaires, have got a concept for bitcoin critic Jamie Dimon: the digital currency is no bubble.

“Money is really a network. People have confidence in the U.S. dollar, it’s additional worth. People have confidence in bitcoin, it’s price. People have confidence in gold, it has benefit. And that’s not a linear increase. By definition, the more people that enter into bitcoin, it makes it extra useful, and whenever we try and acquire like equities or stock bubble-type frameworks to bitcoin, it can be genuinelyit is misguided, because it is a network, it’s not a corporation,” Cameron mentioned for the duration of an job interview on FOX Business’ “Wall Street Week.”

In September, JPMorgan Chase (JPM) Chairman and CEO Jamie Dimon slammed bitcoin Opens a brand new Window. , calling the cryptocurrency a “fraud” and stating he would fire anyone who trades bitcoin for being “stupid.”

“The forex isn’t going to operate. You just can’t have a business where people can invent a forex out of slim air and feel that people who’re obtaining it are really smart,” Dimon explained at a financial institution investor conference in New york.

Since then, the controversial forex has soared, touching the $18,000 degree just before pulling back and has acquired one,700% this calendar year, partially owing to the Cboe’s (CBOE) start of bitcoin futures. The CME (CME) will introduce bitcoin futures on Dec. 18.

As opposed to throwing stones, the twins challenged Dimon to guess in opposition to bitcoin Opens a whole new Window. .

“We’ve been working definitely challenging to give Jamie Dimon a chance to short bitcoin, and anybody who suggests you know, it’s a fraud or perhaps a bubble, you’ll be able to go now [and] put your money exactly where your mouth is, and guess versus it,” Cameron reported.

Tyler known as the JPMorgan Chase CEO’s criticism of bitcoin “cheap” and additional, “We really encourage Jamie Dimon, we really encourage him to personally wager versus it, bitcoin, take J.P. Morgan’s balance sheet, wager against bitcoin. We will see what takes place.”

Cboe World wide Marketplaces Chairman and CEO Ed Tilly mentioned on Monday that he thinks confidence in bitcoin — and worries above fraud — will modify in excess of time.

“We’re while in the business of being able to categorical that view, and that i choose to polish this issue in the clear regulated market, and i think lots of that fraud can fall absent if you know your stop consumer,” he reported on FOX Business’ “Cavuto: Coast-to-Coast.”