PayPal chief believes crypto’s time for mainstream exposure is now

Quick Take

1 minute read

• Dan Schulman spoke during a web summit earlier this week as a keynote speaker where he said that we have reached the time for bitcoin to go mainstream.

• PayPal has been extremely well talked about throughout the industry after it announced that customers based in the United States would be able to buy, sell and hold crypto assets on its platform. 

Dan Schulman, the chief executive officer of the payments conglomerate PayPal spoke during a web summit earlier this week as a keynote speaker where he said that we have reached the time for bitcoin to go mainstream.

Over the course of this year, PayPal has been extremely well talked about throughout the industry after it announced that customers based in the United States would be able to buy, sell and hold crypto assets on its platform. The company has plans to further expand its crypto operations in the early months of 2021.

The CEO said that PayPal is definitely on the right path and is confident on its future in the industry:

“I think that if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that’s good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people… So, over the long run, I’m very bullish on digital currencies of all kinds.”

The CEO further went on to talk about coronavirus and how it has impacted the world this year. Specifically talking about payments and the financial world, the pandemic has outlined the need for assets like crypto and cashless payments. Because of this and more, he believes that the time for mainstream crypto is now.

For the past month or so, bitcoin has been experiencing some extremely volatile moments. Following (and during) the United States presidential election, the leading coin was extremely hectic in its price movements. For Dan, this is a cause for concern because it can reduce the profits that small merchants have on PayPal’s platform.

In order to make sure this doesn’t become an issue, PayPal is going to convert its users' crypto into Fiat currency for merchants in real time. To that end, customers will be able to know the specific exchange rate for crypto to Fiat when they make a purchase. The volatility risk is therefore mute.

The CEO further said:

“It bolsters the utility of that underlying cryptocurrency, and you can do more with it than just ride the ups and downs of it. In effect, you’re taking that as an instrument that can conduct commerce at our 28 million merchants.”

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