PayPal, Bitcoin Payments

PayPal (PYPL) CEO Dan Schulman said bitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos, in an interview with CNBC Squawk Box on Monday.

  • “I think that there’ll be more and more use cases for cryptocurrencies,” that make bitcoin more widely accepted, more stable and probably “more valuable” over time.
  • PayPal will begin allowing users to transact with crypto as a funding instrument across 28 million businesses early next year.
  • Schulman said central bank digital currency is a global inevitability. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he said.
  • “Both may play important roles going forward,” he said.
  • PayPal’s cryptocurrency purchasing services is scooping up an overwhelming number of newly minted bitcoins, according to Pantera.
  • Bitcoin was trading hands around $18,480 at the time of his interview.

Read more: PayPal Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K

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