The CEO of PayPal is very bullish on digital currencies

The CEO of PayPal, Dan Schulman, said he is “very bullish” on digital currencies.

Speaking at the Web Summit, Schulman spoke with The New York Times columnist Andrew Ross Sorkin about the dematerialization of money, of which PayPal is one of the world’s leading players.

Suffice it to say that in the second quarter of 2020 alone the company processed online transactions for a net total of $222 billion. 

Schulman has confirmed that the current pandemic has accelerated the transition to electronic forms of payment, so much so that he is very optimistic about the future of digital money, and that this transition has been shortened from three or five years to five or six months.

In particular, however, the CEO of PayPal spoke on the subject of cryptocurrencies, perhaps driven by the already massive use of the new crypto trading functionality offered by his company. 

In fact, according to a survey by Mizuho Securities, a month after the launch of this new feature, almost a fifth of PayPal users have already used it to buy Bitcoin directly on the app. 

Schulman said: 

“I think that if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that’s good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people. Over the long run, I’m very bullish on digital currencies of all kinds”.

The CEO of Paypal and digital currencies

Dan Schulman is no stranger to such statements, not least when it comes to the company’s introduction of the service for buying and selling crypto. 

He is convinced that physical currencies will tend to disappear more and more, and that technology and innovation play a key role in replacing them with digital money. 

On the other hand, his company relies exclusively on services related to digital money, and is one of the first in the world to do so. It should not be forgotten that PayPal was founded in 1999 by Elon Musk, Peter Thiel, Max Levchin, Luke Nosek and Ken Howery, and pioneered this field. 

According to Schulman, greater concrete use of cryptocurrencies could enhance their usefulness and reduce their volatility if they were used in everyday life, for example to pay for purchases. It is worth mentioning that PayPal now also offers the possibility to use the cryptocurrencies purchased through its platform to make payments in fiat currency with instant conversion. 

The fact that one of the most important companies in the world that deals with digital payments, a major player in this market, is pushing for the use of cryptocurrencies as a means of payment, using its own conversion systems, could really play an important role in their mass adoption.