[2018-04-27] Paypal’s Former CEO Says Bitcoin Investors Are ‘Drinking the Kool-A

[BitcoinArsenal]

Paypal’s former CEO, Bill Harris, remains as bearish as ever on Bitcoin, the gold-standard to digital currencies, telling CNBC‘s “Fast Money:”

    Everyone is drinking the Kool-Aid. 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 continued to claim that there is no connection between bitcoin’s value and it’s usefulness, claiming the cryptocurrency is neither an effective means of payment nor a safe store of value.

Full article on Bitcoinist

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[hatshepsut93]

It shouldn't be surprising that a person from fiat money payment processor slams Bitcoin, all these people who have made their fortune thanks to fiat money, like bankers, traders and economists are feeling threatened by Bitcoin because it's an alternative to their system. They keep calling it a bubble and telling that it has no intrinsic value, but the fact that it has existed for this long, that it's price and adoption keeps growing and that developers work hard to improve it only means that Bitcoin is here to stay.

[BitcoinGuruOne]

Paypal’s former CEO, Bill Harris, remains as bearish as ever on Bitcoin, the gold-standard to digital currencies, telling CNBC‘s “Fast Money:”

    Everyone is drinking the Kool-Aid. 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 continued to claim that there is no connection between bitcoin’s value and it’s usefulness, claiming the cryptocurrency is neither an effective means of payment nor a safe store of value.

Full article on Bitcoinist

This guy. He and his company is directly threatened by crypto currencies in general since they could make them go out of bussines and probably are already makeing a dent .
In any case I have had a lot of bad experiences with paypal as seller, their supportis complete and utter shit. I hope one day cryptos will force paypal to their knees.

[squatter]

It shouldn't be surprising that a person from fiat money payment processor slams Bitcoin, all these people who have made their fortune thanks to fiat money, like bankers, traders and economists are feeling threatened by Bitcoin because it's an alternative to their system.

I think we'll begin seeing a distinct dichotomy among players in legacy finance between Bitcoin/cryptocurrency believers on one side and skeptics on the other.

Consider PayPal's founder and first CEO, Peter Thiel. He says that one cryptocurrency will become the "online equivalent to gold" and bets it'll be Bitcoin.

They keep calling it a bubble and telling that it has no intrinsic value, but the fact that it has existed for this long, that it's price and adoption keeps growing and that developers work hard to improve it only means that Bitcoin is here to stay.

I agree, with a healthy touch of skepticism.

The hedge funds began seeing the light earlier on because good funds understand the intersection of markets and social trends. But even JP Morgan's analysts recently conceded that Bitcoin could become a gold-like asset class as well.

[cetald]

My opinion is, all these statements are made for news noise. People just did not have time to buy up to $ 5000. ))
I can not believe that he told the truth, as if he does not believe in bitcoin.

[buwaytress]

Guys like these are actually just so pissed that they stayed on drinking the kool-aid, while others sobred up, opened their eyes, and moved away to their own digital money. Others have softened their stance, others have completed 180 degree turns. Over the past years, we've seen bears "convert" to Bitcoin, but it's difficult to concede/admit you were wrong, especially on something so fundamental as Bitcoin vs traditional money. So he continues to down his kool-aid, pretending the bitter taste is all he needs.

[dE_logics]

Instead of FUDing on crypto, he should be getting in the press helping me understand why I should believe that Paypal will still be a legit payment processor after eBay drops them.

[richardsNY]

Instead of FUDing on crypto, he should be getting in the press helping me understand why I should believe that Paypal will still be a legit payment processor after eBay drops them.

As it is right now, PayPal will remain an option on eBay at least till 2023, which grants them enough time to come up with a different approach. On top of that, it's not yet clear if they will be completely removed as option on eBay. I am quite sure that PayPal will definitely soften up their aggressive and expensive form of doing business to remain an eBay option. Don't forget that PayPal is a checkout option at the far majority of the online stores and services, so that exposure will remain unharmed. People can spend their PayPal funds nearly everywhere, which is a powerful and valuable piece of core business. If they didn't had that, then sure, they would need to worry.

[imsotiredofmoviereboots]

He's a former CEO so he's not really that active anymore. He might got all his information just from reading short articles about bitcoin quickly and  that's where he based all his judgement. Bitcoin is much more than what Paypal can offer do their doom is getting closer and closer.

[Arkyo]

This is just one of the analysts who think bitcoin will fall.  The rest, as far as I know, are focused on the further growth of the cryptocurrency market. And as noted here, perhaps his position was influenced by the fact that he is a former CEO.

[Theb]

Well replacing Fiat Currency as a mode of payment is not the main goal of Bitcoin in the first place, and I think a lot of people here know it by now that BTC is only here to provide an alternative mode of payment online. What the former CEO is doing is only giving a dumb argument on Bitcoin's existence. Obviously Paypal and Credit Cards as well as Banks already done the part of "making money digital" and Bitcoin is not trying to be a part of that trend but it is trying to create like I said a different way to send/pay something.

[Kemarit]

This is just one of the analysts who think bitcoin will fall.  The rest, as far as I know, are focused on the further growth of the cryptocurrency market. And as noted here, perhaps his position was influenced by the fact that he is a former CEO.

There's always 2 opposing side. Sad though that this former CEO doesn't understand what he's saying and totally contradicting PayPal's current CEO's statement as @squatter have said. The only reason I'm seeing why he is saying this negative thing about bitcoin is, either he was last to jump the hype train and making statement like this "might" have a effect to the price so that he can enter at a cheap price, or he's quite at lost what crypto is. Well, we are happy in drinking the Kool-Aid right now so I don't give a s*** about this guy. Probably he just wanted to stay at the limelight and get some attention here.