The price of bitcoin is lower than the cost of its production and content.
It's irrelevant how much money have put in to mine it. That doesn't affect the future price.
Today, people he knows are doing crypto-currency businesses, but no one he knows is trading cryptocurrencies or using them in real life. In that sense, he said bitcoin is worse than the IT bubble.
He's exaggerating here. Bitcoin's current bubble is similar to the dotcom bubble in the sense that many companies are obsessed with working "in blockchain" rather than actually working for a reasonable purpose. Many Internet-related companies in 1999 did the same.
However, he's exaggerating the magnitude of this, because the crypto market is several times smaller than the Internet market was at its peak in the bubble, and similarly to the dotcom bubble, there still are a fair number of reasonable companies.
His price of $100 also seems to be arbitrary.