RATE Group | Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a ‘pump-and-dump scheme’ | City & Business | Finance
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Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a ‘pump-and-dump scheme’ | City & Business | Finance

26 Apr Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a ‘pump-and-dump scheme’ | City & Business | Finance

Posted at 09:56h in Bitcoin News by

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HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,851 with Ethereum down at $629, and XRP at $0.81.

Bill Harris, the founding CEO of PayPal has grabbed the headlines this morning after describing all cryptocurrencies as a “scam”.

Writing for Recode, he said: In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

“In a pump-and-dump game, promoters “pump” up the price of a security creating a speculative frenzy, then “dump” some of their holdings at artificially high prices.

“And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The highlights package continues.

Mr Harris claims, “It helps to understand that a bitcoin has no value at all.”

Adding that “losers are ill-informed buyers caught up in the spiral of greed.

“The…

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