At the end of 2020, the PayPal payment platform integrated Bitcoin and several well-known altcoins into its system. This event led to strong growth in the crypto market and high popularity of digital assets over the next few months.
The decision of the management of the system was correct. As the CEO of PayPal admitted in an interview with Time the day before, the success of the integration of cryptocurrencies and the demand for them within the platform exceeded all expectations. Let’s talk about the situation in more detail.
The history of PayPal’s interaction with cryptocurrencies has been going on since the end of last year. The developers of the system integrated the coin and allowed their own customers to purchase, store and sell crypto without having to be responsible for its security.
The improvements did not end there. In particular, at the end of March 2021, it became known about the launch of the Checkout With Crypto service by the company. Thanks to him, users of the system from the United States can pay using a crypt with any seller who interacts with PayPal. And this creates great prospects for the popularization of blockchain assets.
In general, Shulman actively supports cryptocurrencies and sees great prospects in them. As he said in the middle of the month, global changes await the finance niche. And the reason for this is precisely the money based on the blockchain.
Where to buy cryptocurrencies
Shulman noted that the existing financial infrastructure needs modernization because it is “ineffective” due to too expensive and slow international transactions. Then the head of PayPal predicted that in the next five to ten years the financial system will undergo more changes than in the last two decades. Here is his line, in which he shares his attitude to what is happening. The quote is from Cointelegraph.
In ten years, you will see a tremendous decline in the use of cash. All payment form factors “roll up” into a mobile phone. Credit cards will disappear as a form factor, and you will be using your phone because it can do much more good than just a credit card.
That is, the head of the world famous payment platform believes that in the future, the idea of money and how it is used will change significantly. And since cash and bank cards will become rare, financial transactions will finally move to the smartphone. And this, in turn, will significantly bring mass consumers closer to cryptocurrencies, for which, in fact, a mobile device is also sufficient.
Central banks will have to rethink their monetary policy as people stop using paper money, Shulman said. In his opinion, central bank digital currencies (CBDCs) can benefit from innovations such as distributed ledger technology and various blockchains. The expert continues.
But banks will mainly be engaged in “digitizing” common currencies such as the US dollar.
That is, Dan Shulman once again noted that society will finally move to a digital version of assets. This, by the way, was also facilitated by the recent boom of unique NFT tokens, which changed the idea of digital ownership and the importance of having an object in a single copy. Celebrities also helped to make the trend massive: they sold a huge number of songs, paintings, merchandise and other things in limited quantities.
Conclusion: this decade will be a landmark for global finance, and the consequences of the changes will affect almost all countries of the world. CBDC may become the main trend for mass consumers, however, cryptocurrencies will take the place of their sane alternative with full decentralization and independence from any authorities, such as banks or officials.
We believe Dan Shulman’s comments provide a positive outlook for the outlook for the blockchain industry. Still, the head of one of the most popular payment platforms believes that in the future, people will massively use digital assets and national money in a similar form. Accordingly, fewer and fewer people will be afraid to deal with cryptocurrencies that “cannot be touched.” Well, this will open up space for another wave of adoption of Bitcoin, Ethereum and other coins.