A senior analyst for Macquarie Group is pushing back against the idea that bitcoin and other cryptocurrencies are not legitimate financial innovations.

Issued in response to recent critiques by Wall Street figures like JPMorgan Chase CEO Jamie Dimon, Viktor Shvets, head of global and Asia-Pacific equity strategy for Macquarie, wrote this week that in spite of any “extreme speculation,” bitcoin relies on a “durable technology that is likely to continue to evolve and strengthen.”

In a note to clients, obtained by Business Insider, Shvetz then directly took on the allegation that bitcoin is a “fraud” – advanced by Dimon earlier this month.

“If one describes Bitcoin as a fraud, how would one describe a ‘financial cloud’ that is at least four to five times larger than the underlying economies?” Shvetz asked, writing:

“It is unlikely that $400 trillion+ of financial instruments circulating around the world would ever be repaid and most are now backed by assets that are already either worthless or are diminishing in value. How does one describe rates and the yield curve that are either directly determined by [central banks] ([Bank of Japan] or [People’s Bank of China]) or heavily influenced by them ([The] Fed or [European Central Bank])? People living in glass houses should not throw stones.”

According to BI, Shvetz argued that investors should consider integrating cryptocurrencies into their portfolio strategies, describing them as a hedge against the devaluation of fiat currencies like the dollar.

Image via Shutterstock