JPMorgan boss Jamie Dimon has been told to learn some more about cryptocurrencies before making negative statements.
In recent weeks Dimon has derided digital currencies such as bitcoin as a "novelty" and claimed they are "worth nothing."
Now the head of a major Middle East-based tech investment firm said Monday that the banking boss needs to better educate himself about blockchain and cryptocurrencies.
"It is here to stay. Jamie Dimon need to recognize that before he talks about it from a fraudulent point of view," said Fadi Ghandour, CEO of Wamda Capital.
Ghandour added that traditional financial industry stands to gain a lot from the new era of fintech.
"Talk to them, understand them, find a way to regulate them. Let's not make big statements about something we don't understand."
"Be humble, calm down, come down to earth and learn," the investor added.
Ghandour said the founder of the Middle East's biggest cryptocurrency, BitOasis, gave a speech at the World Bank last week in a further sign of how the technology is being embraced.