Back in April during the CNBC Fast Mony show, the former CEO of PayPal Bill Harris stated that Bitcoin is “the greatest scam in history” adding that “it is a pump and dump scheme like anything the world has ever seen.” Recently, Bill Harris added another statement saying bitcoin is heading near or straight to zero.
The CEO skepticism regarding the most popular cryptocurrency is focused on most of the Bitcoin problems such as scalability, adoption, and transactions per second, problems which have to be solved in order to see the cryptocurrency adopted easily worldwide.
“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. I mean you can sum it up this way. The cult of Bitcoin make many claims that it’s instant free, scalable, efficient, secure, globally accepted and useful. It is none of those things.”
During the debate, the Paypal former CEO was teased by Brian Kelly regarding some issues which also Paypal is facing, as well as some personal thoughts on actual state and further development of Bitcoin.
“…Paypal it works great. I mean the Russian hackers were able to buy all kinds of ads on Google with PayPal this year, so it works very well, and I agree with you. All your criticisms 100% correct, but to me, as the investor, I say those are catalysts for the future. As those things improve, I mean we’re not gonna stay at seven transactions per second, we’re gonna be able to scale this. We have to, otherwise, it is gonna go to zero like you said.”
Brian Kelly asked Bill Harris to take a step back from the trading of the token and focus on the basics of Bitcoin as a software which allows us to decentralize financial services:
“But the idea that Bitcoin or cryptocurrencies are a software program that allows you to disintermediate parts of financial services do you find any value in that?”
“No, well I think the problem statement is correct. For instance one of the things that people who love Bitcoin or XRP or something like that, is look at how difficult it is to get money from one country to cross the border to another. It’s slow it’s expensive it’s all those things. Agree! You don’t need Bitcoin, you don’t need XRP, you don’t need any of that to solve that problem. What you need is faster networks,” said Bill Harris.
Finally, Brina Kelly explained that the advantage in the U.S. is that people don’t really have a broken financial system but if you’re in a country that does have a broken financial system that’s certainly an advantage to use cryptocurrencies.