PayPal CEO Dan Shulman: It’s Time For Cryptocurrencies To Enter The Mainstream

PayPal CEO and President Dan Shulman spoke at the Web Summit on Wednesday, where he announced to an audience of 100,000 that “the time has come for digital currencies.”.

Shulman expects digital currencies to soon enter the masses and become an everyday payment mechanism. According to him, the coronavirus pandemic has significantly accelerated the trend to move away from cash and move to digital payments..

“If you can create a financial system, a new and modern technology that is faster, more efficient and less costly, it’s good to attract people to such a system, to increase the availability of financial services, reduce costs, help the financial situation of such a large number of people. Therefore, in the long term, I am very bullish on digital currencies of all kinds, ”he said..

In mid-November, PayPal provided its American customers with the ability to buy, sell and store cryptocurrencies within their wallets. According to Shulman, they conducted a preliminary market research and found that 54% of customers were interested in such an opportunity..

“Digital wallets are a natural complement to digital currencies. We have over 360 million digital wallets and we need to accept cryptocurrencies, ”he said..

Shulman also said that in the past he considered Bitcoin to be an unfortunate form of currency due to its inherent volatility, which can erase all profits for small sellers. To address this issue, PayPal sets the exchange rate for the buyer at the time of the deal, eliminating the risk of volatility for sellers.

“This increases the practical value of the cryptocurrency, now it can already be used not only for playing on rate changes. In fact, this is a tool that can be used to conclude deals with 28 million merchants on our platform, ”said Shulman.

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