With massive institutional investments and the mainstream adoption of digital assets for investment and capital raise, the cryptocurrency industry has seen a significant boost in recent times.
Last month, When the leading Payments company PayPal announced support for cryptocurrencies on its platform, the crypto community was left flabbergasted. Since then, PayPal has talked fervently about the integration and increasing its support for cryptocurrencies encouraging the wide adoption of cryptocurrencies.
In a CNBC interview,PayPal CEO Dan Schulman sharing his insights about Bitcoin and Cryptocurrencies, highlighted that prospects are brighter for the digital currencies.
PayPal to allow the use of crypto as a funding source
Dan Schulman also informed that the company would allow 28 Million merchants to use cryptocurrencies as a funding source on the PayPal platform. This is excellent news for the cryptocurrency enthusiasts as the step would foster the applicability and benefits of Bitcoin and other crypto.
Dan Schulman speaks about crypto
PayPal CEO Dan Schulman talked about how Bitcoin and other cryptocurrencies are attracting people. He said that many people are attracted to the digital form of currencies. Highlighting the inherent value of Bitcoin, he said that the company is making larger bets on cryptocurrencies. Speaking about the increasing use of digital currencies, he emphasized that paper money is slowly dissipating, with dependence on cash dropping by a massive 40-70 percent.
A lot of high-value institutions are diverting their assets towards cryptocurrencies, giving way for innovation and mass acceptance of cryptocurrencies. Square, MicroStrategy, Grayscale, and PayPal adopting Bitcoin in the recent past has pushed the crypto token towards the unanticipated bullish run.
PayPal was reportedly looking to buy several digital currency companies, including Bitgo, to further its adoption of cryptocurrencies. The world’s most substantial payments company also received Bitlicense from the New York State Department of Financial Services, which would enable it to facilitate services via limited purpose trust charters as approved by the agency.
Dan Schulman said that he feels that there will be a lot more use cases for cryptocurrencies, which would establish it as a more stable, accepted, and likely an asset with time. With Bitcoin price rallying tremendously towards the close of 2020, more and more people are procuring newly minted bitcoins.
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
