Posted 1 year ago | by @devadmin
CEO Dan Schulman said Bitcoin’s usefulness as a currency will be noticeable with Paypal’s integration of cryptocurrency, in an interview with CNBC Squawk Box on Monday.
“I think that there’ll be more and more use cases for cryptocurrencies,” that make Bitcoin (BTC) more widely accepted, more stable, and probably “more valuable” over time, Schulman stated.
The Paypal CEO went on to say, that next year PayPal will begin allowing users to transact with crypto as a funding source for their wallets allowing users to spend crypto at over 28 million merchants worldwide to bolster the utility use of cryptocurrencies. Schulman said that with the pandemic we have seen a decrease in people worldwide wanting to handle physical cash or fiat. However, it’s important to note that when a user sends cryptocurrency to a merchant it will automatically swap to FIAT at the value of Bitcoin at the time of sale. Meaning the merchant would not receive cryptocurrency the merchant would receive FIAT.
Paypal expressed that they are doing this so the retailers don’t have to worry about the volatility of Bitcoin while making it easy for merchants and consumers alike.
When questioned if regulators could ban cryptocurrency and step in, Schulman said central bank digital currency is a global inevitability that will make cryptocurrencies’ utility more obvious. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he added.
Schulman also stated that regulation is positive and that services in the crypto space must work with regulators like Paypal did with New York financial services for its Bit License.
“Both may play important roles going forward,” he said.
During a Q3 2020 earnings call Paypal has previously detailed that it will explore adding central bank digital currencies, in addition to enabling users the ability to buy and sell —Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
Earlier this year, PayPal historically announced it would roll-out services allowing U.S. customers to purchase, sell, and hold crypto assets in the U.S, Bitboy Crypto reported.
While plans extend to allowing international users to get in on the action early next year. This disclosure sent the markets into a bullish frenzy.
You can watch the interview on CNBC Squawk Box below.
Bitcoin is currently trading at [FIAT: $18,247.10] DOWN -0.2% in the last 24 hours according to Coingecko at the time of this report.