Ex-Paypal CEO Bill Harris Says Crypto is a Cult, Bitcoin Use Cases Worthless
Former PayPal CEO Calls Bitcoin A Cult
The crypto market might be booming but it also has its share of haters. Recently, the former of CEO of the payment services company PayPal, Bill Harris, has affirmed that the Bitcoin enthusiasts are a cult on a recent interview on CNBC’s Fast Money program.
According to the former CEO, the followers of Bitcoin can be considered a cult because they make several claims like that the token is instant, free, scalable, efficient, secure globally accepted and useful, however, none of these affirmations, according to Bill Harris, is true.
Harris, which has also founded Personal Capital Corporation, a digital wealth management firm, affirms that there are already digital currencies that work better than Bitcoin and other currencies. Their name: dollar, yen, euro, “you name it”, he jokes. The digital version of fiat is, according to him, a better alternative to cryptocurrencies.
A Convict Bitcoin Bear
He also believes that the price of Bitcoin still has a lot of space for dropping and that it will end up near zero. Why? Because Bitcoin, the flagship currency of the market, has “just no value” at all, so people will eventually perceive it and give up on it.
Harris believes that Bitcoin does not solve any problem that cannot be solved in other ways. According to him, the claims that Bitcoin “cult members” make about cross-border payments are not valid, for instance.
They seem to believe that money transfers are slow and expensive (and they surely are) but Harris does not believe that Bitcoin can solve this problem as it is also slow and expensive. A faster network could make it all more simple without the issues of Bitcoin, he defends.
He also affirms that volatility is one of the major problems of this token and that this fact alone makes Bitcoin a bad choice for payment mechanism because it is a ridiculous store of value if the price changes all the time.
Bill Harris has said that people should not believe the dot-com bubble to repeat itself. In the early days of the internet, the stock of companies like Amazon fell drastically after the bearish sentiment took the market as the bubble blow up. However, it went up again after many years. Harris does not believe that history will repeat itself.
According to him, a lot of things that have dramatically increased in value recently have done so because they have something underpinning it. Bitcoin does not. It makes no revenue, he affirms, and has profitability. He says that he simply cannot come up with an use case for Bitcoin except in the case of criminal activities.
Bill Harris Consistently Bashes Bitcoin
While Bill Harris is definitely a Bitcoin bear and a pessimist, this is not something surprising. He has been consistently a Bitcoin hater over the years. He has always been skeptical of it, a lot of time before he called the Bitcoin enthusiasts a cult he already called it the greatest scam in history, for instance. At the time, he said that it was a colossal pump and dump scheme.