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PayPal CEO Says Cryptocurrencies Will Have More Utility

PayPal CEO Dan Schulman, in an interview with CNBC’s Squawk Box on Nov. 23, said that he expects Bitcoin and other cryptocurrencies to be used more as a currency over time.

  • Schulman said that he thinks “that there’ll be more utility with cryptocurrencies” and they will likely become “more valuable”
  • When asked about what inherent value exists in Bitcoin, Schulman said it came down to a matter of trust, also adding that PayPal would support the funding of merchants using cryptocurrencies
  • He also believes that central bank digital currencies will become commonplace — a fact attested to by the development efforts of China and the European Central Bank
  • Schulman has made several bullish remarks about cryptocurrencies since PayPal’s original announcement that it would support the asset class
  • The payments platform has outlined an extensive strategic plan to boost cryptocurrency usage, including providing support in its Venmo app
  • Currently, PayPal’s cryptocurrency feature is only available in the United States, with the firm repeatedly increasing the buy limits to meet the heavy demand
  • Bitcoin’s price is close to its all-time high, spurred by such developments as the PayPal integration
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