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.
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