Former PayPal CEO Bill Harris has bashed Bitcoin, insisting that it has limited use as a payment technology and that "there's just no value there". He expressed his views on CNBC's Fast Money, going as far as to call the currency a "cult".
Having worked in Fintech for 25 years, Harris claimed that Bitcoin doesn't meet his standards for a valuable financial technology. He said that evangelists' enthusiasm is based on Bitcoin being "instant, free, scalable, efficient, globally accepted, and useful", but "it's none of these things".
Although denying reports that he believes its value will eventually go to zero, he does think that it will go "a whole lot closer to zero than a lot".
Harris also acknowledged that Bitcoin's problem statement was correct, in that international transactions can be slow and inefficient, but he believes that faster networks is a better solution than an entirely new currency.
Fellow guests pointed out the depreciation of Amazon stock back in the day as an example of how a fundamental technology can improve with investment to become incredibly valuable. They also claimed that more Bitcoin speculation will eventually decrease the price volatility and therefore make it more useful, and subsequently more valuable.