Not one to shy away from the never-ending crypto debate, the former chief executive of online payments giant has re-emerged from the shadows to pour more cold water on the divisive technology. Speaking on CNBC, Bill Harris, the former head of PayPal Holdings PYPL, -2.70% said bitcoin, BTCUSD, +5.52% the worlds largest digital currency, doesn’t exhibit what many of its promoters claim, saying there are much better alternatives to digital currencies.
This isn’t the first time Harris has voiced his concerns about the outlook for virtual currencies. In an April column for Recode he said bitcoin was a scam calling it “a colossal pump-and-dump scheme, the likes of which the world has never seen,” going on to say investors should be careful because it’s a bubble.
His comments come as bitcoin is in the midst of a summer selloff, losing as much as 20% in August, taking the total value of all cryptocurrencies to a near nine-month low of $195 billion. After starting the week on the back foot, the price of a single bitcoin was trading higher Wednesday, last changing hands at $6,363.84, up 4.7% on the day and more than $400 off its weekend low of $5,914.26.
But it is firmly lower thus far in August. Read more from marketwatch.com…
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