JPMorgan CEO Jamie Dimon is at it again, calling bitcoin worthless and predicting its spectacular collapse. As a hedge-fund manager focused on the new asset class of bitcoin and other digital currencies, I couldn't disagree more with Jamie Dimon.

Perhaps I have fallen too far down the rabbit hole and my view is warped by my business interest — but there is a reason that I decided to take the career risk of shifting my focus to this new asset class. The reason is that I have seen this movie before with the emergence of the internet.

In the early 1990s, I was a fledgling trader who had moved to New York to make his mark on Wall Street. The internet, as I knew it, existed on a single computer at the end of the trading desk. This "internet" appeared only to be useful for something called email, which, to a trader with telephones on each ear seemed like a novelty. In hindsight, it's abundantly clear that I was too young and inexperienced (read: dumb) to understand the revolution that was happening right before my eyes.

My view is not that Jamie Dimon doesn't understand the disruption that is happening in financial services — on the contrary, I think he is acutely aware. What I think is happening here (predictably), is that the CEO of one of the world's largest financial institutions is threatened by software that was developed to upend his position at the top of the food chain.

It's important to understand that bitcoin and other digital currencies are simply software, a computer program designed to automatically verify and transfer value around the world — exactly the role that JPMorgan currently plays. In fact, JPMorgan moves about $6 trillion a day and they are pretty good at it — but bitcoin and blockchain technology are proving to be better.

In 1995, Newsweek published an article by Clifford Stoll titled "Why the Web Won't Be Nirvana." In this now infamous piece, Stroll wrote this:

"[N]o online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works."

In 2012, 17 years after this story appeared, Newsweek stopped printing its magazine and went fully digital, or what Mr. Stoll might characterize as an "online database." To his credit, Clifford Stoll has acknowledged his very public mistake.