Former Paypal CEO Calls Bitcoin A Scam

Bitcoin has a new critic. 

The founding CEO of Paypal Holdings Inc. (PYPL) Bill Harris joined an ever-growing list of bitcoin critics recently with a post that described the cryptocurrency as a “scam” and a “colossal pump-and-dump scheme”. “I’m tired of saying, ‘Be careful, it’s speculative.’ Then, ‘Be careful, it’s gambling.’ Then, ‘Be careful, it’s a bubble.’ Okay, I’ll say it: Bitcoin is a scam,” he wrote.  

In Harris’ post, which was published at online publication Recode’s site, he made the case that bitcoin had no inherent value. He focused specifically on three attributes – means of payment, store of value, and thing in itself – that its enthusiasts use to justify its overall market capitalization. According to Harris, bitcoin’s tremendous volatility and price swings have ensured that it cannot be used as a store of value or means of payment by businesses. The lack of visibility into functioning of cryptocurrency…