Bitcoin will continue to fall, because “there’s just no value there,” former PayPal CEO Bill Harris told CNBC on Tuesday.
“The cult of bitcoin [makes] many claims — that will the item’s instant, free, scalable, efficient, secure, globally accepted along with useful — the item can be none of those things,” Harris said on CNBC’s “Fast Money.”
Harris, who can be also founder of Personal Capital Corporation, arrived swinging against bitcoin in an April op-ed in which he called the cryptocurrency a “colossal pump-along with-dump scheme, the likes of which the globe has never seen.”
Harris said Tuesday that will bitcoin’s value will continue to dwindle until the item gets “eventually a whole lot closer to zero.”
“We’ve got digital currencies. along with we’ve got digital currencies that will are more stable, more widely accepted along with have intrinsic value. We’ve already got the item — the item’s called the dollar, the yen, you name the item,” Harris said.
The former financial technology CEO’s primary concerns about bitcoin include its slow transaction time, scaling challenges along with volatility, which “alone makes the item useless as a payment mechanism along with ridiculous as a store of value,” Harris said.
“There has to be something underpinning the item,” he said. “Bitcoin makes no revenue, no profitability.”
Bitcoin climbed more than 1,300 percent in 2017 to nearly $20,000, then lost almost half its value within the first three months of 2018. Bitcoin dipped below $6,000on Tuesday for the 1st time since June, before paring some losses to trade near $6,114 as of 6 p.m. EST, according to CoinDesk.
Some cryptocurrency enthusiasts along with investors have attributed the sell-off to kickback by Securities along with Exchange Commission activity. The SEC moved to delay a decision on the VanEck SolidX Bitcoin Trust ETF on Aug. 7, after the item rejected a separate ETF proposal by Cameron along with Tyler Winklevoss on July 26.