Bitcoin price LIVE: $8k BTC sinking as PayPal CEO calls it a ‘pump-and-dump scheme’ | City & Business | Finance

HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $8,851 with Ethereum down at $629, and XRP at $0.81.

Bill Harris, the founding CEO of PayPal has grabbed the headlines this morning after describing all cryptocurrencies as a “scam”.

Writing for Recode, he said: In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.

“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. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The highlights package continues.

Mr Harris claims, “It helps to understand that a Bitcoin has no value at all.”

Adding that “losers are ill-informed buyers caught up in the spiral of greed.

“The result is a massive transfer of wealth from ordinary families to internet promoters.”

Updates below throughout the day….

13.20pm – UPDATE – BTC climbs

Bitcoin is climbing back towards $9,000 with gains for the day now standing at $28.

12.07pm – UPDATE – BTC new gold says private equity firm

Bitcoin was the suprise pick at this year’s annual Sohn Investment Conference in New York.

The meeting is typically where, according to Fortune, Wall Street’s best hedge fund managers and investors present their top stock picks. However this year one private equity firm broke the mould.

John Pfeffer, a former partner at private equity firm KKR said: “Bitcoin is the first viable candidate to replace gold the world has ever seen.

“So if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency.”

11.56am – UPDATE – BTC’s 17 millionth token

Bitcoin miners are about to mine the 17 millionth token.

That mean there are only four million left to mine. Get digging.

10.55am – UPDATE – BTC falls as losses deepen

Bitcoin has slumped to $8,727 as losses hit $150.

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