Bill Harris, the former PayPal holdings CEO made a negative statement on Bitcoin again after a series of past comments describing Bitcoin as the greatest scam in history. He appeared in a debate to highlight his reasons for making such a disturbing claim against Bitcoin putting the Crypto world into great confusion. He said most of the promises and claims laid by the promoters of the cryptocurrencies, such as Bitcoin have all proven to be a fallacy.
The belief that it is not 100% secure, and more controversially, that it is scalable. Coupled with the volatility challenge cryptocurrency is facing has caused a lot of turmoil in the crypto world discouraging many investors and users.
Bill said one does not need bitcoin to transfer money across borders and that one simply needs faster networks. To prove his point, he said in real time payment countries; Bitcoin is but of no use at all.
Speaking he said, “Bitcoin, despite being the worlds largest digital currency, since it doesn’t exhibit what many of its promoters claim, much better alternatives to digital currency will be used.”
He said the dwindling would continue and “eventually it’s going to go a whole lot closer to zero. The cult of Bitcoin makes many claims: It’s instant, free, scalable, efficient, secure, globally accepted and useful—it is none of those things.”
One of the previous outvoice bill raised on Bitcoin, he called it “a colossal pump-and-dump scheme, the likes of which the world has never seen.” He went ahead to warn investors to be careful because it’s a bubble.
This comment is coming at such a bad time for Bitcoin as it is currently doing a summer sell-off causing the virtual currency to lose 20% this month. Which just took the gross value of all cryptocurrencies to a near nine-month low of $195 billion. Partly the reason why people keep wondering what happened that the cryptocurrency market has shed more than $600 billion from its peak.
Bitcoin was doing just well as the price of a single Bitcoin was trading higher, Wednesday, charging to $6,363.84, up 4.7% on the day and more than $400 off its weekend low of $5,914.26. But it is firmly lower thus far in August.