Ex-Paypal CEO Sees Bitcoin Heading Straight to Zero and Calls It a Cult

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The former chief executive officer at PayPal, Bill Harris, was speaking to CNBC’s Fast Money on the matter of Bitcoin. Bill left the world in little doubt as to where he stands on cryptocurrencies and Bitcoin.

According to him, Bitcoin is nothing but a cult making a bunch of false claims,  he sees bitcoin very close to zero, as many believe bitcoin is instant, free, scalable, efficient, secure, globally accepted and useful but it is none of these.

Harris also pointed out that BTC has major issues such as slow transaction times, scaling challenges, and volatility, making it “useless as a payment mechanism and ridiculous as a store of value.”

While Bill Harris criticizes the bitcoin, Brain Kelly was up to the task of countering every negative claim made. According to him, PayPal isn’t safe either as Russian hackers had bought all kinds of google ads by hacking PayPal.

He added that all the qualities mentioned regarding bitcoin such as instant free scalable efficient secure may not be felt today but these are the catalyst for the future one the technology matures.

Read More: https://news.bitzamp.com/ex-paypal-ceo-sees-bitcoin-heading-straight-to-zero-and-calls-it-a-cult/