PayPal CEO, Daniel Schulman presents his views on Bitcoin

PayPal CEO, Daniel Schulman presented his views on the leading cryptocurrency Bitcoin. He also spoke about the increased adoption of CBDCs.

By · Nov 24, 2020 . 6min read

PayPal CEO Daniel Schulman on Bitcoin news

The CEO of PayPal, Daniel Schulman, recently presented some of his views on the future of Bitcoin (BTC) and Central Bank Digital Currencies (CBDC). Conversing with CNBC’s Squawk Box, Daniel Schulman revealed his bullish disposition about Bitcoin, seeing that the use cases of Bitcoin in the long term will exceed the conventional buy and hold as observed recently.

Daniel Schulman believes COVID-19 is accelerating the transformation to digital currency adoption.

Daniel Schulman, while presenting his view on bitcoin elucidates that the COVID-19 pandemic has prominently accelerated the speed at which the shift from physical to digital currency is taking place. He also spoke about the acceleration in rolling out of Central Bank’s Digital Currencies (CBDC). Daniel Schulman stated that the rollout of CBDCs shortly would become necessary globally. Further, he said that CBDCs would help improve the growing usage of cryptocurrencies.

PayPal has been interested in a cryptocurrency ecosystem for a very long time. PayPal launched its crypto trading services in the U.S. earlier this month, after first declaring the new initiative. The services will be accessible to non-U.S. users from early next year. The company announced that it has begun providing cryptocurrency transactions on its platforms. It involves, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Besides, PayPal is reportedly eyeing a move on Digital Asset Custodian BitGo in an attempt to deepen its roots further in the space.

Conclusively, PayPal is a massive payment service provider. Moreover, its entrance into the cryptocurrency ecosystem has rallied the price of Bitcoin to rise. The company’s reputation forecasts to drive adoption of Bitcoin and digital currencies further. The interview unveiled that Schulman has a private investment of an indefinite amount of Bitcoin. 

Recently, Pantera Capital, a crypto investment company, published a report noting that the entry of payment giant PayPal integrating Bitcoin and other cryptos into its platform led to a striking rise to the BTC price. Pantera Capital demands that PayPal is the reason behind BTC scarcity. Pantera Capital states that since PayPal is live, Bitcoin trading volumes are exploding. PayPal is now buying approximately 70% of the new supply of Bitcoins.

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