The appearance of a former Paypal CEO on CNBC has likened the subject of cryptocurrencies and Bitcoin to a short-term non-serious cult.
Bitcoin a cult? I do not think so
While the cryptocurrency market has undoubtedly gained some momentum over the last year, there are still some who insist on the old system and still believe that cryptocurrencies are a scam.
One of those people is Bill Harris, who earlier this year called Bitcoin “the biggest scam in history.” For those who do not know, Bill Harris was the CEO of Paypal from 1999 to 2000 and later founded an online financial services company.
While his resume suggests that he is a proponent of the digital age, his statements regarding Bitcoin & Co. raise a different picture.
Harris opened the segment on CNBC Fast Money by first calling the community around Krypto “cult” and then downplaying the features that make up Bitcoin.
“The ‘cult’ of Bitcoin has many claims – that it is immediate, free, scalable, efficient, secure, globally accepted and useful. It’s none of that. “
Of all the personalities, a former Internet-centered company boss should know that a mass adoption in nine years is not feasible. If you look at Harris’ statements, it’s obvious he did not do any research. Bitcoin has quickly become one of the safest networks in the world, with decentralization immutability being one of the most important features of this network.
Last but not least, the Bitcoin network is scalable, with the Lightning Network progressing day in, day out. And once the Lightning Network or similar scalability solutions such as BloXroute come to fruition, it is likely that more immediate, (essentially) free and efficient transactions will be ensured with a global network of merchants, individuals and businesses.
The former Paypal CEO also forgets to point out the most important aspect: Bitcoin is a decentralized network that enables uncountable, unchanging and cross-border transactions.
Despite the fact that Brian Kelly, CNBC’s in-house cryptanalyst, demonstrated this strength to the Bitcoin critic, Harris had nothing to do with it and continued to do his best to discredit this new burgeoning asset class.