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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