Bill Harris, PayPal's Former CEO bashes Cryptocurrencies, Praises Blockchain.

Bill Harris has had a great run this week taking bitcoin down in every media available. First, he called Bitcoin the greatest scam in the world in an article published April 25 on the Recode website. And now, on CNBC’s program “Hard Money”, he continued to bash bitcoin by saying that it has no real usefulness in the modern world.
When asked about if the usefulness of cryptocurrencies and specifically bitcoin on emerging markets, he said that even on hyper-inflationary economies, you can also switch to the use of traditional, more stable fiduciary coins instead of cryptocurrencies. He also commented that bitcoin is way overvalued because it does not constitute a means of buying things, because it is not universally accepted, or a store of value, due to the raging volatility of its price. But, in contrast, he accepted the usefulness of the tech behind bitcoin (blockchain) as a revolutionary technology that has also applications in the financial world by facilitating money transactions.
Then he questioned the concept of scarcity like a characteristic that gives bitcoin value by comparing bitcoin with his own autograph. Bill states that even if he signs only 21 million autographs (making reference to the maximum number of bitcoins that can be minted), it would not make them valuable.
He also stated that in the future all money will be digital and that he thinks that this is only the natural evolution. But he questions the need for a new currency for that, implying that digital dollars or euros, or any digital fiduciary coin would be sufficient to the task.
The problem with this take is that he ignores one of the core traits of bitcoin: decentralization, meaning that it is a coin that does not depends on any central bank and that it would survive any collapse or fiduciary crisis. This is a that no other easy trading asset has (besides commodities like gold, but high quantities of it could not be classified as “easy trading”). So, bitcoin does have its use cases, it is just matter of thinking with the right mindset. The whole interview can be viewed here.

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