The host of CNBC’s Squax Box, Andrew Ross Sorkin, questioned Paypal’s recent decision to integrate payments in cryptocurrencies. The CEO of PayPal, Dan Schulman, replies to this saying Bitcoin will be more of a cryptocurrency rather than just an asset class. Schulman also revealed that PayPal has further plans to treat cryptocurrencies as a funding source for transactions.
Dan Schulman Appears Bullish On Bitcoin
Schulman said in the interview that users will now be able to buy stuff with cryptocurrencies from anyone who accepts money via PayPal. Although, this feature is currently only available to users in the United States.
Earlier this month, the payment service had launched its crypto trading initiative in the United States. The payment company will launch globally a similar service by early next year.
On PayPal’s plans to treat cryptocurrencies as a funding source, Schulman added:
“Early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants.”
A notable thing about PayPal’s integration with cryptocurrencies here is that users can only pay in cryptocurrencies that are purchased through PayPal. The cryptocurrencies, on the other hand, can’t be transferred to other crypto wallets. Meanwhile, merchants on the other side will not receive the cryptocurrencies as PayPal will instantly convert it into fiat currencies the moment it is transacted.
Cryptocurrencies On Way Towards Mainstream Adoption
Schulman also said that the cryptocurrencies are on the way towards mainstream adoption as more businesses and consumers will shift towards digital payments and currencies as a digital form, saying:
“When you start to move crypto as a potential funding instrument I think that bolsters its utility and stabilizes it as well because it can be used everyday in your purchases.”
Paypal with its 300 million active user bases has been ramping up on buying Bitcoin at a rapid pace. It recently brought out 70% of all new Bitcoin circulation.