Ex PayPal CEO: Bitcoin Is Ridiculous as a Store of Value

Bitcoin will continue to fall, because “there’s just no value there,” former PayPal CEO Bill Harris told the press yesterday. Former financial technology CEO’s primary concerns about bitcoin are: slow transaction time, scaling challenges and volatility.

“The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” says Harris.

Harris, also founder of Personal Capital Corporation, came out against bitcoin back in April when he said bitcoin is a “colossal pump-and-dump scheme, the likes of which the world has never seen.”

This time he went a little further and gave more details about his point of view. Harris said that bitcoin’s value will simply continue to go down until it gets “eventually a whole lot closer to zero.” “We’ve got digital currencies. And we’ve got digital currencies that are more stable, more widely accepted and have intrinsic value. We’ve already got it — it’s called the dollar, the yen, you name it,” Harris added.

“There has to be something underpinning it,” he said. “Bitcoin makes no revenue, no profitability.”

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