Miami Mayor Jamie Dimon, a strong advocate for crypto, hit back Tuesday at JPMorgan Chase CEO Frances Suarez during Varney Co. after the latter called Bitcoin worthless in an event on Monday.
The Florida mayor of Bitcoin told FOX Business Stuart Varney Tuesday that bitcoin is not worthless, pointing out that the cryptocurrency is worth just $56,000 per bitcoin. It has gone up significantly since Suarez's last interview.
After its rapid rise in popularity, Dimon has been a staunch critic of the crypto currency, previously calling it a fraud and fool's gold and at one point saying that he would fire JPMorgan traders if they traded in it.
Suarez is on the opposite end of the criticism, having championed the use of cryptocurrency in today s digital age.
The Mayor Varney told the crypto-employee that people are very excited about having a decentralized digital currency that has value because it isn't tied to fiat system. The Miami mayor also praised the ability to trade in and out of it in a liquefied form. Mayor Suarez went on to explain that the enthusiasm behind the digital currency has been adopted around the world in places like South America, Central America and Africa. The wave of countries that are making Bitcoin as a base currency has expanded and is something that should not go unnoticed for critics.
But as the discussion of whether crypto is a stable form of currency continues, Mayor Suarez noted the benefits his City of Miami are seeing after introducing MiamiCoin to its residents two months ago.
It has been about 75 days and Varney Co. has generated $16.5 million right now, he told the MiamiCoin host.