RATE Group | Former Paypal CEO says investors are drinking the bitcoin ‘Kool-Aid’
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Former Paypal CEO says investors are drinking the bitcoin ‘Kool-Aid’

26 Apr Former Paypal CEO says investors are drinking the bitcoin ‘Kool-Aid’

Posted at 23:15h in Bitcoin News by

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Former head of online payments giant Paypal is bullish on the future of digital money but maintains that bitcoin is a scam.

“Everyone is drinking the Kool-Aid,” Bill Harris, former Paypal, CEO told CNBC’s “Fast Money” Thursday. “I absolutely believe that money should be digital, is becoming more digital, and will be completely digital but it doesn’t mean we need a new currency to record that.”

Harris raised issue with the connection between bitcoin’s value and usefulness. The digital currency cannot be an effective means of payment nor a great store of value because of volatility, he said.

The cryptocurrency rose more than 1,300 percent last year to nearly $20,000, then had almost half of its value wiped off in the first three months of 2018. Bitcoin was trading near $9,173…

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