Bill Harris: Bitcoin Value Goes to Zero

Former PayPal CEO Bill Harris said in an interview on CNBC yesterday that the price of Bitcoin will continue to fall "and eventually approach zero." Harris also claims that he sees no value in such a means of payment.

“Many people believe that Bitcoin is fast, free, scalable, efficient, secure, globally accepted and useful, but none of this is true,” says Mr. Harris.

Back in April Bill Harris, who is also the founder of Personal Capital Corporation, said, that cryptocurrency is the world's first pump and dump scheme on a massive scale.

“We have digital currencies that are more stable, more widely accepted and have intrinsic value. We already have this - the dollar, the yen, and other currencies. We don't need cryptocurrency to make cross-border payments faster, we just need faster networks.”

The main problems the former CEO faced in his relationship with Bitcoin were the lack of transaction speed, task scaling and volatility. This is why Mr Harris believes Bitcoin is useless as a payment mechanism and laughable as a valuable asset: “There has to be something underlying the currency. Bitcoin has no revenue, no profitability."

Bitcoin rose more than 1,300 percent in 2017, that's nearly $20,000, and then lost half its value in the first three months of 2018, according to CoinDesk. Bitcoin dropped below $6,000 on Tuesday for the first time since June before rising to $6,114 last night. Some crypto enthusiasts and investors attribute this to the SEC's refusal to authorize ETFs and the delay in making a final decision.

On a personal note, we are glad that despite the most unflattering reviews, Mr. Harris recognizes cryptocurrency as a means of payment - something that has global significance and whose scale is enormous.

According to https://bitcoinist.com