Bill Harris Dubs Crypto Traders as ‘Kool-Aid Drinkers’ in His Bitcoin Rant

Bill Harris’s Bold Claims on Bitcoin

In a striking revelation just days after labeling Bitcoin (BTC) a “scam,” former PayPal CEO Bill Harris took to the airwaves to share his thoughts on cryptocurrency traders, suggesting they are all too eager to drink the proverbial ‘Kool-Aid.’ This eyebrow-raising comment, evoking the tragic Jonestown Massacre of 1978, was made during a recent CNBC interview. While Harris hasn’t had much media exposure lately — his last tweet dates back to August last year — he hasn’t held back on his thoughts regarding the digital currency.

From PayPal to Personal Capital: A Journey

After his tumultuous stint at PayPal, which ended shortly post-merger in 2000, Harris didn’t retreat into obscurity. Instead, he founded Personal Capital in 2009, a financial advisory company that he has been running ever since. He may have been quiet, but apparently, he’s far from retired when it comes to tackling modern-day finance—and cryptocurrency seems to be his latest target.

Enthusiastic Skepticism: Harris on Digital Money

Harris’s relationship with digital finance is rather complex. While he contends that the future of money is undoubtedly digital (cue the applause), he insists that Bitcoin’s inherent volatility disqualifies it as a viable currency. In classic ambiguous fashion, he stated, “I absolutely believe that money should be digital… but it doesn’t mean we need a new currency to record that.” So, in short, Harris is all for digital money—just not Bitcoin.

The Scarcity Analogy That Sparred

In what seemed like an awkward comparison of his own autograph to Bitcoin’s scarcity factor, Harris made an analogy that would surely leave many scratching their heads. He promised, “I can promise that I will never autograph a piece of paper more than 21 million times, but it doesn’t make it valuable.” This shimmering comparison raises questions — is he implying that value is akin to yearning rather than mere scarcity? Perhaps, he just enjoys taking jabs at the Bitcoin bunch.

Blockchain: A Technology Marvel but a Currency Disguise

Despite his gripes with the cryptocurrency world, Harris acknowledges that blockchain technology itself has tremendous potential. He describes it as “terrific” and sees numerous applications, especially in enhancing financial transactions. However, he remains firm in his stance that there is no need for a new currency to utilize the power of blockchain technology. In an era where James Bond gadgets turn digital, Harris asserts that the currency doesn’t need to change to keep up with technology.

The Other Side: PayPal CEO Peter Thiel’s Bitcoin Enthusiasm

Ironically, while Harris grapples with Bitcoin’s legitimacy, current PayPal CEO Peter Thiel couldn’t be more optimistic. Recently, he characterized Bitcoin as “a hedge against the whole world falling apart.” Such contrasting opinions between former and current PayPal leaders highlight the ever-divided camp within the crypto community.