PayPal’s Former CEO Says Bitcoin Is Useless for Payments
August 21, 2018 1:42 pm
He also said that though many people call Bitcoin as free, scalable, efficient, secure, and globally accepted. However, this is not the case. He called Bitcoin a “colossal pump-and-dump scheme, the likes of which the world has never seen.”
Notably, Harris is the founder of Personal Capital Corporation.
According to him, Bitcoin’s price will keep falling until it reaches near to zero. He further revealed that he also has cryptocurrencies that are more stable that world’s first cryptocurrency (Bitcoin). He said that his currencies are widely accepted and have intrinsic value such as Dollar and Yen.
He also shared his concerns about Bitcoin’s slow transaction times, scalability challenges and volatility. He described that these reasons make Bitcoin useless as a payment mechanism and ridiculous as a store of value.
Mr.Harris stated that:
“There has to be something underpinning it. Bitcoin makes no revenue, no profitability.”