Former PayPal CEO Bill Harris Joins Anti-Bitcoin Brigade

Reading Time: 2 minutes
  • Former PayPal CEO Bill Harris has slammed cryptocurrencies like Bitcoin
  • Harris called them “a colossal pump-and-dump scheme”
  • Most of the PayPal co-founder’s claims are, naturally, unfounded

Bitcoin has been finding serious form in recent weeks, so it only makes sense that the cryptocurrency market’s biggest detractors attempt to slow down its momentum. The latest individual to jump on the anti-Bitcoin bandwagon is someone that most of the world had probably forgotten about. Bill Harris had a cup of coffee as PayPal CEO – after co-founding the company – and now he’s getting back in the headlines again by aggressively attacking Bitcoin.

Angry Accusations

Writing for Recode, Harris said that cryptocurrency is nothing more than “a scam” and “a colossal pump-and-dump scheme, the likes of which the world has never seen.” These are seriously strong words, with his argument carrying three points.

Harris believes that Bitcoin is extremely volatile, is a useless payment means, and – much like every other Bitcoin detractor – he believes that it has no intrinsic value. These weren’t the only tired arguments he was keen to make use of either. Harris also slandered the cryptocurrency market in general when he said that it was full of hackers, criminal exploitation, resource-hungry mining, and scam ICOs.

Unfiltered and Unfounded

There is certainly some anger to Harris’ words, with the accusations even becoming laughable. He claims that Bitcoin users are breaking the law, evading tax, and more than likely criminals. The article proves to be an incredibly tough read, as Harris’ arguments are almost completely unfounded.

Not only does he seem to lump all cryptocurrencies together as one, he remains completely unaware that each crypto actually carries different operating foundations. Generally speaking, the article is nothing more than overly biased, anti-Bitcoin nonsense, so one must wonder what Harris thought he would gain from publishing it.

Will PayPal Ever Accept Crypto?

Harris is generally considered an outside entity in the tech, finance, and crypto sector, as his ill-fated time as PayPal CEO probably explains. He was ousted from the position back in 2000 just one month after being appointed.

Accusations were made against Harris, declaring that he was outdated in his approach, misplaced focus on “unproductive approaches”, and was unable to address scaling issues created by PayPal’s huge success. Peter Thiel would eventually take on the role of PayPal CEO in the wake of Harris removal from the position. He would become a PayPal mainstay, and he’s even been bullish on Bitcoin, often speaking on how it has the potential to change the financial landscape.

Harris has put his name back in the headlines for all the wrong reasons. Dated, unfounded, and certainly laughable, it’s safe to say that not many people will be asking Harris for his opinion on the cryptocurrency market anytime soon.