Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a 'pump-and-dump sche

[cryyptoexpert2020]

BITCOIN continued to fall overnight and lost a massive $880 from its highest point this week. Hope of a speedy recovery to $10,000 now seems unlikely, and one of PayPal's founders has described the technology as, "a colossal pump

and dump scheme, the likes of which the world has never seen.



Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,851 with Ethereum down at $629, and XRP at $0.81.

Bill Harris, the founding CEO of PayPal has grabbed the headlines this morning after describing all cryptocurrencies as a "scam".

Writing for Recode, he said: In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

"In a pump-and-dump game, promoters 'pump' up the price of a security creating a speculative frenzy, then 'dump' some of their holdings at artificially high prices.

"And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The highlights package continues.

Mr Harris claims, "It helps to understand that a bitcoin has no value at all."

Adding that "losers are ill-informed buyers caught up in the spiral of greed.

"The result is a massive transfer of wealth from ordinary families to internet promoters