The former head of PayPal: bitcoin useless as a payment mechanism


Bitcoin price will continue to fall until closer “in the end is much closer to zero,” he said in a live CNBC former CEO of PayPal , bill Harris (Bill Harris).

“The cult approves bitcoin — BTC is instant, free, scalable, efficient, secure, globally accepted and useful — it is none of these things,” he said.

In April, bill Harris, has already expressed doubts about the value and utility of bitcoin, at the same time, he expressed confidence that the money needs to be digital. He continued this theme, noting now that there are already digital currencies that are more stable and recognized than bitcoin have intrinsic value. “We already have it, and you call it a dollar, a yen,” added Harris.

He drew attention to the same problems of bitcoin, which are specified by many providers of digital payments: the slow transaction, the lack of scalability and high volatility.

“By itself it makes BTC useless as a payment mechanism and ridiculous as a means of accumulation,” — said the former head of PayPal.

Recall that the recent study by Chainalysis showed that the volume of bitcoin payments with high in September 2017 fell by may of the current 5 times. And the winner of the Nobel prize in Economics 2008 Paul Krugman (Paul Krugman) in July, said that companies declare their support for bitcoin payments in order to show its innovation, not utility.

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