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December 8, 2018
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Bitcoin

Former PayPal CEO Brands Bitcoin a ‘Cult’, Trashes Use Cases

Bitcoin adherents and devotees be careful, you could be accidental individuals from a faction if Bill Harris is to be accepted.

Speaking on CNBC’s Fast Money program, the former CEO of payments services firm PayPal claimed that bitcoin’s supposed advantages are non-existent.

“The cult of bitcoin make many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” said Harris.

As per the originator of advanced riches administration firm, Personal Capital Corporation, there as of now exists computerized monetary forms which are working superior to bitcoin and different digital currencies.

“We’ve got digital currencies. And we’ve got digital currencies that are more stable, more widely accepted and have intrinsic value. We’ve already got it — it’s called the dollar, the yen, you name it,” said Harris.

Bitcoin Bear

Furthermore, Harris anticipated fate and agony for bitcoin saying that the cost of the leader digital currency will go ‘a mess nearer to zero than a great deal on the grounds that there is only no an incentive there’.

Goaded further, Harris concurred that the issues that bitcoin tried to comprehend still exist particularly concerning profiting exchanges as this is right now moderate and costly. Per Harris, in any case, the arrangement isn’t digital forms of money however quicker systems.

With regards to the volatility that the largest cryptocurrency by market capitalization is associated with, Harris pointed out that this fact alone makes it unviable as a payment mechanism and ‘ridiculous as a store of value’.

Doesn’t Expect History to Repeat Itself

In reference to the correlations about the present condition of cryptographic forms of money and the beginning of the web when the supplies of some tech firms, for example, Amazon fell definitely following bearish opinion over their future just to recoup and far surpass their valuations at that point, Harris cautioned against expecting a rehash with respect to crypto.

“There are a considerable measure of things that have expanded significantly in esteem. That doesn’t imply that everything will increment drastically in esteem. There must be something supporting it. Bitcoin makes no income, no productivity,” said Harris including that he couldn’t think of an utilization case for bitcoin aside from in criminal exercises.

Consistent Bitcoin Basher

Though he has gone a step further this time and hurled the worst possible insult for a champion of decentralization like bitcoin by calling it a cult, Harris has always been skeptical of the pioneering cryptocurrency. As previously reported by CCN, the former PayPal head honcho branded bitcoin the greatest scam in history in an opinion piece published in a tech publication just four months ago.

At the time, Harris said bitcoin was a never-seen-before ‘colossal pump-and-dump scheme’. Harris’ views on bitcoin, however, stand in sharp contrast to those of other PayPal alumni such as billionaire investor Peter Thiel who sees cryptocurrencies as possessing ‘great potential’.

Featured image from Youtube/TWiT Netcast Network.

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