PayPal CEO Thinks That Cryptocurrencies Will Soon Gain More Adoption
On Nov 24, 2020
PayPal CEO Dan Schulman believes that with more and more people flocking to digital payment methods, cryptocurrencies will gain more adoption soon.
In an interview with CNBC on Monday (November 23), Dan Schulman said the COVID-19 pandemic has accelerated the transition to digital payment formats. The PayPal CEO stated that during the duration of the pandemic “use of cash has declined precipitously.” He added to his statement that, “40 to 70% of consumers no longer want to handle cash.”
Payment giant PayPal announced at the end of October that it offers cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The news reflected positively on both the Bitcoin market and the total cryptocurrency market. According to many analysts, this news played a crucial role in Bitcoin’s recent rise. Bitcoin price suddenly rose on the day of PayPal’s announcement. In a short time, the price skyrocketed to $ 18,000. At the time of writing, the leading cryptocurrency is trading at $ 18,862.
PayPal CEO believes cryptocurrencies will gain more adoption soon. He supported his statements with the fact that more and more businesses and consumers will be flocking to digital payment methods. Schulman also stated in an interview that with the increased use in day-to-day trading, Bitcoin will begin to move from asset class to currency. The wider acceptance of Bitcoin will make the leading crypto more stable and possibly “more valuable” over time.
CEO and President Daniel Schulman 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.”
Central Banks Will Also Play an Important Role
In addition to cryptocurrencies, Schulman believes central banks will also play an important role. In an interview with CNBC’s Squawk Box co-anchor Andrew Ross Sorkin, he said it is only a matter of time before central banks issue their own digital currencies (CBDCs).
“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.”
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