PayPal CEO Admits He Holds Some Bitcoin
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Answer PayPal CEO Admits He Holds Some Bitcoin
Many traditional financial institutions have taken Bitcoin and other cryptocurrencies with some kind of disdain as they embrace blockchain technology with open arms.
PayPal is one of the largest companies in the field of financial payments and works to reconcile the old and new worlds of finance.
Weeks ago, PayPal was on the board of Facebook’s Libra coin, and PayPal later withdrew from this board.
In a recent interview with Fortune, Dan Shulman, CEO of PayPal, admitted that he already owns some bitcoin.
His answer was in response to a “Fortune” reporter who asked him if he had any cryptocurrency
Shulman replied that he owns bitcoin and was told that it is the only cryptocurrency he holds.
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In the dialogue, Schulman also discussed PayPal’s views on cryptocurrency and blockchain
Which told that there are a lot of promises held by the blockchain technology, but he did not reveal any additional details of what the company is preparing regarding the blockchain technology.
In his statement, he added that current financial methods are already effective, while noting cryptocurrencies as very volatile.
He states that there is not much demand from merchants for the cryptocurrency as they operate on very small margins and the fees for converting crypto to fiat are eating up this margin.
In his statement he stated the following:
Until it becomes less volatile it will no longer be a currency that is widely accepted by traders on the internet not the dark web but the web.
Shulman added:
This is not to say that I don’t think crypto is an interesting idea and that people trade it a bit.
It’s more like commodities than it does right now.
But you can think of use cases in different countries and different places where it can be more stable than the alternatives.
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PayPal is still in a relationship with Facebook:
PayPal was one of several major companies, such as Visa and MasterCard, to withdraw from the Libra Association last month.
Shulman says the breakup wasn’t severe.
But it was made because he felt that Libra still had a long way to go, and it would be best if PayPal focused on its own projects.
PayPal has paired up with Facebook as a payment processor for Facebook Pay, a payment system that uses debit cards, credit cards, and credit cards across various Facebook apps.
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