Ex PayPal CEO: Bitcoin Is Ridiculous as a Store of Value

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Bitcoin will continue to fall, because “there’s just no value there,” former PayPal CEO Bill Harris told the press yesterday. Former financial technology CEO’s primary concerns about bitcoin are: slow transaction time, scaling challenges and volatility.

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

Harris, also founder of Personal Capital Corporation, came out against bitcoin back in April when he said bitcoin is a “colossal pump-and-dump scheme, the likes of which the world has never seen.”
This time he went a little further and gave more details about his point of view. Harris said that bitcoin’s value will simply continue to go down until it gets “eventually a whole lot closer to zero.” “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,” Harris added.
“There has to be something underpinning it,” he said. “Bitcoin makes no revenue, no profitability.”
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