Dan Schulman, PayPal’s CEO, shared during an interview on CNBC the potential he sees in crypto, especially in Bitcoin.
Dan Schulman, PayPal’s CEO, participated today in an interview with CNBC and shared details about PayPal’s plans to expand into crypto and why Bitcoin is so special.
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During the interview in CNBC’s Squawk Box, PayPal’s CEO emphasized the adoption that has had crypto in general.
„I think they’re starting to move from being less of an asset class and more of a currency. And when you start moving crypto currencies as a possible funding instrument, I think that reinforces their usefulness and also stabilizes them. It becomes less volatile because you can use it every day, in your purchases,“ he explained.
„When you start to move crypto as a potential funding instrument I think that bolsters its utility and stabilizes it as well-because it can be used everyday in your purchases,“ says @PayPal CEO Dan Schulman on #crypto #btc. pic.twitter.com/Naa5UBhvdS
– Squawk Box (@SquawkCNBC) November 23, 2020
Also, Andrew Ross, host of Squawk Box, oriented the conversation to why PayPal had integrated crypto, especially Bitcoin, into its platform.
First, Dan Schulman explained that, in reality, no transactions are made with crypto, or Bitcoin, but rather, those who have crypto on PayPal may purchase goods or services but the seller receives fiduciary currency.
At the moment, that service is available exclusively to the United States; Schulman said that PayPal hopes to expand the service to the rest of the world.
Consequently, Dan Schulman is optimistic about Bitcoin because of the adoption and usability that crypto currencies have demonstrated.
What’s the impact on Bitcoin? According to a note from Pantera Capital, PayPal is already buying 70% of newly mined Bitcoins.
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Coinbase disappoints crypto investors
A report by CoinTelegraph noted that, in general, Coinbase has been recurring problems at the most inopportune times in the crypto market.
An error in a crypto platform is never appropriate. However, when it occurs at a time of high volatility, it can be the downfall of crypto investors.
Apparently, these interruptions in the crypto exchange platform can prevent investors from buying or selling their cryptomoney.
In fact, according to CoinTelegraph, between March and November, nine problems occurred, four of which coincided with the volatile Bitcoin stock.
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Sean Lennon is a Bitcoin crypto fanatic
The crypto community is already getting used to the fact that every day a new big name character offers his optimistic vision of Bitcoin.
Yesterday, John Lennon’s son, Sean Lennon, talked about Bitcoin during the Orange Pill podcast.
Lennon said that Bitcoin „empowers people in a way they’ve never had before. In fact, he explained that Bitcoin was a light in the chaos of 2020.
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Visa also sees potential in crypto
If you have some years as a CryptoTrend reader, you will know that this subtitle would have been impossible a few years ago.
On Friday, a report was published by CNBC where it was assured that Alfred Kelly, executive director of Visa, sees potential in cryptology during the next few years.
„Crypto is a developing part of payments in the world,“ Kelly said. You won’t believe it! Kelly added that, „ultimately, we may see digital coins running on the Visa network on a more regular basis,“ although „in a few years.
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