PayPal chief believes cryptocurrencies are on the verge of mainstream adoption! PayPal Chief believed that businesses and consumers are flocking to “digital payments and digital forms of currency.”
In an interview with CNBC, PayPal CEO Dan Schulman said that the acceleration towards accepting digital forms of payments was due to Covid. PayPal wants to be at the forefront of that transformation.
Schulman said the “use of cash has declined precipitously” amid the pandemic, adding that “40 to 70% of consumers no longer want to handle cash.”
The PayPal executive said:
“One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”
PayPal consulted with global regulators and central banks before launching their crypto service. He also believes it’s just a matter of time before Central Bank Digital Currencies are launched.
“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.”
PayPal launched their crypto service to US customers earlier this year, and with 300 million active users, they’ll be expanding their services and helping with crypto adoption. PayPal has also been buying Bitcoin and other cryptocurrencies at a rapid pace.
Some of Bitcoin’s most ardent detractors claim that the digital currency lacks inherent value. To that, Schulman said:
“All forms of money are based on trust and set values that come from that trust.”
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