Founding CEO of Paypal Calls Cryptocurrency ‘A Cult’

Founding CEO of Paypal Calls Cryptocurrency ‘A Cult’

CNBC’s fast money has been enjoying the likes of Brian Kelly who has been a strong advocate of cryptocurrencies. However, Bill Harris, founder of Personal Capital and former CEO of Paypal and Intuit has downgraded bitcoin along with other cryptocurrencies.

Bill Harris has already linked Bitcoin to many phrases including ‘the greatest scam in history’ and ‘a colossal pump-and-dump scheme, the likes of which the world has never seen.’ In the first episode of his on CNBC’s Fast Money he added to these phrases calling cryptocurrency a ‘cult’. That’s not all he even predicted it to be ‘headed straight to zero.’

He even took the opportunity to elaborate on the variance of zero   along with the cult statement by saying, “I don’t think I said it’s going to zero, I said it’s going to go, eventually, a whole lot closer to zero, than a lot because there’s just no value there. “You can sum it up this way, the cult of bitcoin makes many claims, that it’s instant, free, scalable, efficient, secure, globally accepted, and useful. It is none of these things.”

Harris’s founding company Paypal eases transactions across the world, and so Harris has experience about the need for quickly moving money. However, he proposed to improve networks instead of bringing cryptocurrencies like Bitcoin or XRP in the transaction process.

“I see absolutely no reason why bitcoin is useful. I mean listen, it’s volatility alone, makes it useless and a payment mechanism and ridiculous as a store of value,” Harris added.

Harris was not done there his final statement even linked Bitcoin being used only by criminals.

Beware the concluding remarks could hurt your eyes if you are a cryptocurrency enthusiast-

“I’m not saying that there aren’t some fabulous visions in the world that should be funded and will be hugely valuable and have staying power and legs. But you can point to use cases and why they are competitively superior to the alternative. In Bitcoins’ case, I can’t come up with a single one, with the exception of criminal activity.”

Maybe someone should remind him about all the use cases of Bitcoin and the several other cryptocurrencies which have paved ease into the world of finance, economy and world development.

The list of naysayers of cryptocurrency may be adding on, but looks like the reasons are getting illogical.

These statements are pretty ironic coming from the founding father of faster transactions – Paypal. Don’t you think so?

Image Source: “Flickr”

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