Bill Harris, Co-founder and former CEO of Paypal, claims Bitcoin to be the greatest scam in history. Harris wrote his opinion on Bitcoin in report that was published on Recode.
"In my opinion, it's a colossal pump-and-dump scheme, the likes of which the world has never seen," Harris said.
"In a pump-and-dump game, promoters "pump" up the price of a security creating a speculative frenzy, then "dump" some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds," the former CEO of Intuit said.
Harris said Bitcoin targets ill-informed buyers, who are caught up in the spiral of greed. Bitcoin is a cryptocurrency that are stored in virtual wallets known as blockchains.
"Promoters claim cryptocurrency is valuable as (1) a means of payment, (2) a store of value and/or (3) a thing in itself. None of these claims are true," Harris said.
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