There is an interesting tussle going between the former PayPal CEO, Bill Harris, and crypto entrepreneur, Brian Kelly, as far as bitcoin is concerned. Both have different opinions on the virtual currency that is leading the market value table currently despite skepticisms among different sections. While Harris has termed the cryptocurrency as the biggest scam of all time, Kelly is bullish on the same digital coin. There is nothing new that two famous personalities have opposite opinions. At the same time, the falling price of the crypto could divide opinion further.
Entertaining On TV
The two were pitted against each on a TV show in CNBC’s Fast Money in a special episode known as “The Great Bitcoin Debate.” When two opposite views are present in a show, it is quite natural to expect some fireworks, insightfulness, as well as, some light entertaining as the discussion could bring the best out of them. According to a report in cryptodaily.co.uk, Harris initiated the interesting debate with his own inimical style on the subject.
While pointing out that the cult of bitcoin’s claims are instant, efficient, free, secure, scalable, useful and globally accepted but he could not find any of them. Predictably, Kelly was ready to answer every issue that Harris has raised and referred the leading cryptocurrency as a powerful one if only there is some kind of patronizing. He indicted him by pointing out that PayPal is working great due to Russian buying every kind of ads on Google in the currency year.
Kelley said further “And I agree with you. All your criticisms [are] 100% correct, but to me, an investor, I say those are catalysts for the future. As those things improve — I mean, we are not going to stay at seven transactions per second — we’re going to be scale. We have to. Otherwise, it is going to go to zero as you said.”
His question to Harris is to turn back from the trading of the cryptocurrency and not to bother whether it is worth $6,000 or $20,000. However, the idea behind any digital currencies or bitcoin is that it is a software program enabling users to disintermediate some of the financial services. He wondered whether there is any value in such things. Harris did not agree with it while pointing out that the problem statement is correct.
Better Payment System
Kelley stressed the point that bitcoin or any other digital currency is useful for cross-border payment. He pointed out that in a broken financial system, the cryptos are advantageous and sees several use cases for the virtual assets. He pointed out that there is no broken financial system in the United States.
Harris responded to say that the biggest countries like China and India have a better real-time payment system than the Americas. Similar is the case in the United Kingdom or the European Union. He also disclosed that the rest of the world is ahead of the United States. Kelley reacted to say that this could be interpreted as bitcoin didn’t have any use case and pointed out that gold is worth $1200 and yet nobody uses anymore.