PayPal CEO reveals himself as Bitcoin “holder”
PayPal CEO Dan Schulman, who at the beginning of 2018 was skeptical about the direction cryptocurrencies could take, acknowledged that he has made investments in bitcoin. This was expressed by the executive during an interview published this Wednesday, November 20, on the web portal of Fortune magazine.
The CEO of PayPal, one of the most important electronic payment processors globally, said he has only invested in bitcoin, and has not dabbled in other cryptocurrencies. It also showed that PayPal would be working on its own projects related to blockchain and cryptocurrency networks, although it avoided offering details about it.
It should be remembered that in March last year Schulman commented at the New York Economic Club that cryptocurrencies have an uncertain future. At that time, the executive claimed the potential of blockchain networks, but said that cryptocurrencies are an experiment whose outcome is unknown. Schulman said that “the real power of blockchains is not cryptocurrencies but distributed trust and its applications.”
In his statement to Fortune, the PayPal manager was less reluctant with cryptocurrencies as the main application of blockchain networks, but he believes that at the present time their use is more like that of a commodity (commodity) than cash. In their opinion, they are an interesting idea and many people are using them, but they are still very volatile.
“On cryptocurrencies, they are still very volatile and, therefore, we don’t have much demand for them from merchants, since traders operate with very small margins”, Schulman explained.
For the executive, the key point remains the applications of this technology. He said that if you think of cryptocurrencies as means of payment, only based on the reduction of operating costs, you have to consider that merchants have to convert them to fiat currency, which implies a fee that affects any advantage. “Until it becomes less volatile, it will not be a currency widely accepted by merchants on the web, not on the dark web, but on the web,” he emphasized.
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