PayPal, an online payment provider, has a lot to lose if cryptocurrencies like Bitcoin ever reach mainstream adoption. However, Bill Harris, the company’s former CEO believes that PayPal has nothing to fear, and that cryptocurrencies like Bitcoin have no positive use cases and are little more than a “cult.”
While speaking in an interview on CNBC’s Fast Money, Harris call Bitcoin investors a cult, and said that any claims the cult makes are false.
“The cult of bitcoin make many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things.”
Harris believes that digital currencies already exist and are in wide use today, negating the need for cryptocurrencies in the future.
“We’ve got digital currencies. And we’ve got digital currencies that are more stable, more widely accepted and have intrinsic value. We’ve already got it — it’s called the dollar, the yen, you name it.”
Harris predicts that Bitcoin’s price will go “a whole lot closer to zero” due to any lack of use cases outside of criminal activities.
“There are a lot of things that have increased dramatically in value. That doesn’t mean that everything is going to increase dramatically in value. There has to be something underpinning it. Bitcoin makes no revenue, no profitability,” he continued.
The former PayPal executive also believes that Bitcoin is “ridiculous as a store of value” due the volatility associated with Bitcoin’s price.
Bitcoin’s price reached an all-time high at the tail end of 2017, and has struggled to reach new highs throughout 2018. It is currently trading around $7,350 according to Covesting Crypto Intelligence data.