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PayPal CEO backs Bitcoin

Date:

  • PayPal CEO Dan Schulman spoke to CNBC earlier today.
  • He discussed PayPal’s recent entry into Blockchain technology.
  • Schulman also stated his firm support for Bitcoin.
PayPal
PayPal CEO backs Bitcoin

Schulman on Cryptocurrency.

Earlier today, PayPal CEO Dan Schulman spoke in an interview on the CNBC show Squawk Box. Schulman spoke about the company’s decision to move into the cryptocurrency market, as well as his personal passion for Bitcoin.

He stated that Covid – 19 has significantly increased the speed at which the transition from physical to digital currency is taking place.

’40 to 70% of consumers no longer want to handle cash.’

In late October, PayPal announced the new service supporting cryptocurrency buying, holding, and selling, with plans to allow merchants to accept and transfer Bitcoin into USD easily. The service is provided with assistance from the Paxos Trust, a regulated provider of cryptocurrency services. Whilst rivals such as Square have embraced Bitcoin as the giant of the Fintech industry, the company’s entry into the field signals the arrival of massively increased mainstream attention.

Schulman confidently stated his confidence in cryptocurrency’s value as a mainstream monetary system.

‘It’s a matter of not if but when and how we’ll start to see more and more central banks issue forms of digital currencies. I think you’ll have more and more utility happen with cryptocurrency.’

Bitcoin has seen a massive rise since the announcement. At the time of the interview, the coin was valued at around $18,480. The interview revealed that Schulman has a personal investment of an unspecified amount of Bitcoin. Cointelegraph has recently claimed that PayPal has bought nearly 70% of all new Bitcoin, which has been largely blamed for supply shortages and appreciated value.

PayPal’s cryptocurrency service intends to move into international markets as soon as 2021. If successful, the move will see hugely increased utility for cryptocurrencies within PayPal’s merchants’ network, one of the world’s largest.

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