The former CEO of PayPal and Intuit, bill Harris, who has previously called bitcoin something more than a simple pump-and-dump scheme at this time, said that the cryptocurrency is heading straight to zero.
The debate Brian Kelly with bill Harris
On the CNBC show “Fast Money,” bill expressed his negative attitude towards bitcoin and cryptocurrencies in General, in this connection entered into a discussion with Brian Kelly, who kept a positive attitude, resisting his every word.
#Bitcoin bulls beware. Former PayPal CEO Bill Harris calls the #crypto a cult and says it is headed straight to zero. pic.twitter.com/SQgf6pIEVk
— CNBC”s Fast Money (@CNBCFastMoney) August 14, 2018
Bill started with the fact that the cost of bitcoin will soon be zero, and that such features of cryptocurrency as decentralization, scalability, efficiency, security and usefulness are irrelevant to bitcoin. Despite this, in his opinion, society needs to find a way to solve problems such as slow and costly cross-border money transfers, while not using the network of bitcoin or XRP. To prove his point, bill compares the ability of bitcoin to handle 7 transactions per second, while at Alipay, this figure rises to 250 transactions per second. According to him, countries such as India and China, have the best payment system in real time, which eradicates the need to use bitcoin and other cryptocurrencies. He said that any investment opportunity is a good opportunity if it is better than alternatives, but not bitcoin. He added:
“The volatility of bitcoin makes it useless payment mechanism and “funny” method to save cost”
While bill Harris criticizes bitcoin, Brian Kelly has set itself the task of confronting any of his denial. According to him, PayPal is unsafe and that all the qualities mentioned in relation to bitcoin, today, is not felt, but are catalysts of the future. He said cryptocurrencies are programs that allow users to separate parts of financial services of the cost.
Kelly said that cryptocurrencies represent a great investment opportunity and will have a multiplier effect on the increase in the number of use cases, and growth scalability. He also added that at first no one thought that Amazon will today broadcast content on portable devices, because originally it was a website selling books and DVDs.
Although the cryptocurrency community may not like the comments of Harris, his experience in the use of financial technology it is impossible not to admire. As far as his opinion is correct, only time will tell, but his article calling bitcoin a Scam, definitely worth a read.