According to the CEO, the demand for cryptocurrency exceeded PayPal’s first forecast after the company started trading cryptocurrencies in late 2020.
“Demand for cryptocurrency has doubled our expectations.” Dan Shulman, CEO of PayPal, said Sunday in an interview with Time magazine.
Shulman said the current economic infrastructure needs to be updated because it is “inefficient today” due to expensive and slow international transactions. The CEO predicted that the economic system is ready to see more changes in the next five to ten years than in the last two decades.
– In ten years, you will see a significant reduction in cash use. All payment form factors in mobile will crash. Credit cards disappear as a form factor and you want to use your phone because the phone can provide much more value than just clicking on your credit card. ”
Schulman said that central banks will have to reconsider their monetary policy when people stop using paper money. The CEO said that the central bank’s digital currencies could benefit from new technology such as distributed general ledger technology. “But for the most part, they digitize fiat currencies like the US dollar,” Shulman said.
PayPal announced plans to introduce the ability to buy, store and sell a variety of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), in October 2020. When the new feature was launched in the US in mid-November 2020, Bitcoin was in circulation. About $ 16,000. The world’s largest cryptocurrency then experienced a massive rally, bringing the price to a new full-time high of over $ 64,000 in April.
Amid rising prices and demand for cryptocurrency, PayPal has continued to expand its cryptocurrency services to customers, launching a cryptocurrency verification service in late March to allow cryptocurrency payments to merchants. Last week, PayPal-owned payment platform Venmo introduced cryptocurrency trading for four major currencies, including BTC, ETH, Litecoin (LTC) and Bitcoin Cash (BCH).