PayPal CEO Is “Bullish” on Many Cryptocurrencies

Schulman says digital currencies are efficient and reduce payment costs.

Key Takeaways

  • PayPal CEO Dan Schulman says that he is "bullish on digital currencies of all kinds.”
  • He believes that digital currencies improve transaction costs and facilitate financial access.
  • He added that the COVID-19 pandemic has pushed forward crypto-related trends by several months.

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Paypal CEO Dan Schulman endorsed cryptocurrency during a web summit today and expanded on his company’s plans for the future.

PayPal CEO Praises Crypto

During the web summit, Schulman heaped praises on the advantages that cryptocurrencies bring to the world of FinTech. He believes that digital currencies can bring down the cost of payments and enable the broader inclusion of people from less fortunate areas of the world.

Schulman concluded that he is “bullish on digital currencies of all kinds” in the long run.

He also suggested that the COVID-19 pandemic has been a catalyst for adoption, arguing that the event has pushed forward crypto-related trends from three to five years, to five or six months.

More Features on the Way

Paypal launched cryptocurrency trading in October, allowing its users to purchase, sell and store cryptocurrency. It began by introducing support for four cryptocurrencies—Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Surveys indicate that within a month, 20% of PayPal customers had purchased cryptocurrency from the service.

Now, it is planning to expand further. On. 23, PayPal suggested that it will expand its service to offer crypto-to-fiat payments. Schulman’s statements elsewhere suggest that PayPal could support payments globally, not just within the U.S. Once this feature is added, users will no longer be limited to speculative buying and selling.

Schulman’s statements today suggest that support for extra cryptocurrencies and stablecoins is likely, though this has not been officially confirmed by PayPal.

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