Bill Harris, the Founder, and CEO of Paypal Holdings Inc [PYPL] has lashed out at Bitcoin [BTC], saying “this is a scam”. He says that the new age digital currency is not an effective means of payment and it will not serve as a great store of value. The main reason is due to its nature of being “Volatile”, says Bill.
Bill Harris has also served as CEO of Intuit [INTU] and Co-Founder of Personal Capital Corporation.
He mentioned that:
“Bitcoin is more of a gamble than an investment and the investors are drinking the Kool-Aid.”
However, he supports Blockchain technology, but he strongly refuted all the reasons promoters of bitcoin were putting forward. He says that there is an issue with the usefulness of the new digital currency with the currency’s value.
Bitcoin [BTC] price had increased rapidly by 1,300 percent and reached nearly $20,000 in 2017. But the coin also faced a massive downfall since the beginning of 2018 and reached up to $6,000.
Bill Harris has given this statement after the prominent New York University economist, Nouriel Roubini called bitcoin “the biggest bubble in human history”. Roubini has also expressed his views earlier this year about the cryptocurrency market.
According to some of the promoters of bitcoin, “Scarcity” is the main reason why its value is increasing. Based on various sources, they say that only 21 million bitcoins can ever be created and at present, the 17 millionth bitcoin is going to be mined soon.
Bill Harris in response argues that:
“My autograph is scarce, I promise that I will never autograph a piece of paper more than 21 million times. But it does not make it valuable.”
He also added:
“There’s the currency like bitcoin then there’s the technology. Blockchain technology has terrific applications, including financial transactions but we don’t need a new currency to do it.”
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