According to the CEO of PayPal payment system Dan Shulman, the infrastructure of payments in the world will change dramatically in the next five years.
The reason for this will be the rapid adoption of digital currencies, including Bitcoin, as well as the acceleration of the transition to cashless payments. Shulman noted that the volume of transactions with crypto on the PayPal platform will reach $ 200 million in the coming months. That is, he has no doubts about the prospects of blockchain assets. Let’s talk about the situation in more detail.
Recall that not all people associated with PayPal approve of cryptocurrencies. As it became known in the first half of the month, co-founder of the platform, Peter Thiel, considers Bitcoin a financial weapon that China can use to create problems for the United States. Allegedly, with the help of cryptocurrencies, ill-wishers weaken the position of the dollar and spoil its reputation. Read more about Peter’s point of view in a separate article.
Fortunately, the current leadership of the company sees great opportunities in Bitcoin and other coins. And while Dan Shulman does not plan to invest PayPal in BTC directly, he predicts a change in the global financial system due to blockchain assets.
Prospects for Cryptocurrencies from PayPal
If you ignore cryptocurrencies now, you are missing out on many opportunities for the foreseeable future, Shulman is sure. Here is his remark, in which the entrepreneur shares his attitude to what is happening. The quote is from Cointelegraph.
We are entering the era of digital currencies, and such assets have great prospects – be it cryptocurrencies or central bank digital currencies (CBDCs). I believe that digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.
That is, the expert believes that in the future, cryptocurrencies will have a very large place. This means that if you do not start interacting with them now, you can miss out on many prospects. Moreover, the speech also concerns income, since early users of any innovative technology get the most benefits from this. At the same time, they share the maximum risk compared to later users.
According to Shulman, one of the biggest problems in modern society is that millions of people around the world are cut off from the global financial system. This became especially evident in the United States when Americans with bank accounts began receiving the latest round of bailout bailouts to stimulate the economy through direct deposit. As a result, millions of people, due to banking problems, received their money in the form of a regular paper check from the government much later than expected.
And while the PayPal executive is very optimistic about cryptocurrency adoption, his company still has no plans to invest in Bitcoin this year. Shulman explained that PayPal’s balance sheet is made up of safe assets with less volatility, as funds need to be used in a way that they can return money to shareholders. He continues.
We really need to be confident about what’s on that balance sheet to ensure that capital is allocated consistently.
Let us remind you that the management of the Time edition adheres to the opposite point. The day before, it became known about the company’s cooperation with the Grayscale fund, within which the head of TIME Keith Grossman will receive payment in BTC and keep the cryptocurrency on the giant’s balance sheet. Time representatives are not going to convert coins into dollars – and this is good news for Bitcoin’s reputation.
We believe that the position of the PayPal management is worth listening to. Still, Dan Shulman, along with his platform, is at the forefront of the financial industry, which means that his competence is more than enough to assess the prospects for the cryptocurrency niche. So blockchain coins will really play a huge role in the future. And it’s not too late to get to know him.