Quick take
1 minute read
- The talk of the crypto space over the past week has been PayPal.
- The payments giant last week made an announcement that it will be making some selected cryptocurrencies as a funding source for purchases in the early months of 2021.
The talk of the crypto space over the past week has been PayPal. The payments giant last week made an announcement that it will be making some selected cryptocurrencies as a funding source for purchases in the early months of 2021. However, over the next few weeks, PayPal will be rolling out its crypto service for United States-based customers on its platform.
Whereas many individuals from all over the industry were very excited about the development over at PayPal, there were some skeptics on the future of this movement. One of the biggest well-known critics of bitcoin, Nouriel Roubini doesn’t seem very happy about the announcement from the payments network.
Known as “Dr. Doom”, Roubini spoke to his over 500,000 followers on Twitter in relation to an article that PayPal would bring in crypto gambling to retail in the United States.
PayPal brings crypto gambling to US retail. Bad for customers, bad for PayPal https://t.co/1gLvxRXFnS
— Nouriel Roubini (@Nouriel) October 26, 2020
Written by David Gerard, the article looks into the idea that PayPal bringing crypto gambling to retail in the US is not only bad for PayPal but bad for customers as well. He believes that the company is getting ready to set its customers up for being ripped off as it describes a new crypto service as the “RobinHood of crypto“. Part of the article reads the following:
“I’m baffled that PayPal would offer this. Are they trying to get into the bored day-trader market that apps like Robinhood live off, except cryptos rather than stocks?”
This isn’t the first time that someone like Gerard has taken digs at the world of cryptocurrency.
As to how successful PayPal crypto gambling will be, remains to be seen. Take away the gambling aspect out of the equation and it is still an exciting announcement from the payments network to reveal that it is getting involved with the industry next year.
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