PayPal CEO: Bitcoin And Crypto Utility, On The Rise; Cash Use Declines

PayPal has been making a lot of headlines these days. after boosting the price of Bitcoin with its latest moves.

It’s been already revealed that PayPal made crypto available for US customers.

Back in October, PayPal announced via a press release that they are launching a new service that’s enabling users to buy, hold and sell crypto.

Recently, the press release was updated: “We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal. Download the PayPal app or log in to your account to learn more.”

PayPal’s services will boost crypto utility

Now, PayPal chief executive Dan Schulman said that his company’s adoption of Bitcoin and other cryptos would help increase the utility of crypto overall, leading to price stabilization and a slow increase in value.

Schulman was at CNBC and CNN to discuss PayPal’s recent decision to adopt crypto.

In the interviews, he said that he’s certain that cash is “slowly but surely going away.”

He explained: “Especially with the pandemic, you’ve seen the use of cash decline precipitously. Something like 40-70% of consumers no longer want to handle cash, and just like every industry is digitizing right now, that is also happening in the financial services world. There is no question that people are flocking to digital payments and digital forms of currency.”

Schulman also said that PayPal has worked hand-in-hand with regulators and central banks around the world and says it’s a “not a matter of ‘if,’ but of a matter of ‘when’ and ‘how’” those banks implement their own digital currencies (CBDCs).

He also said that PayPal’s services would increase the utility of cryptos.

There are all kinds of optimistic predictions about the price of Bitcoin these days. We’ve just addressed a fresh one earlier today. 

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