PayPal CEO Dan Shulman, in an interview with CNBC on Monday, November 23, was optimistic about the outlook for Bitcoin.
“I think there will be more and more crypto use cases that will make bitcoin more widely used, more stable, and probably more valuable over time,” he said.
Shulman said the COVID-19 pandemic had accelerated the transition to digital forms of payments. PayPal wants to be at the forefront of the ongoing digitalization of finance: “Cash use has dropped dramatically amid the pandemic. 40 to 70% of consumers no longer want to deal with cash."
“We're not just going to make it easier to buy, sell and store cryptocurrencies. Early next year, we are going to allow cryptocurrencies to be the source of funding for any transaction with our 28 million sellers. This will significantly increase the usefulness of cryptocurrencies,” added Shulman.
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PayPal consulted with regulators and central banks before launching its crypto service. Shulman said central banks' digital currencies (CBDCs) are only a matter of time before issuing. “The question is not if, but when and in what form we will see them. More and more central banks will issue various forms of digital currencies. Along with this, cryptocurrencies will become more useful. Cryptocurrencies and CBDC may play important roles in the future,” he said.
Shulman said last November that "until cryptocurrency becomes less volatile, it will not be a currency that is widely accepted by merchants on the Internet — not on the darkweb, but the web."
At the moment, PayPal has received a license from the New York State Department of Financial Services to work with such cryptocurrencies as Bitcoin, Ether, Litecoin, and Bitcoin Cash. Shulman said earlier this month that PayPal plans to add more digital currencies.