Dan Schulman, PayPal CEO, reiterated his support for the cryptocurrency business. The “intersection” of digital assets, CBDCs, Stablecoins, and digital wallets, according to him, will “redefine a lot of the financial sector moving ahead”.
Crypto Is A Force To Reckon With:
PayPal’s top executive has long been a supporter of the cryptocurrency business, and he even acknowledged owning bitcoin in 2019.
PayPal CEO Dan Schulman reaffirmed his position in a recent address at Axis Tel Aviv, predicting that the combination of digital assets, central bank digital currencies, stable coins and digital wallets might change the monetary system.
“The convergence of CBDC, stable coins, digital wallets, and increased payment utility via cryptocurrencies is not only exciting, but I believe it will change a lot of the financial world in the future,” said the PayPal CEO.
The value of bitcoin in US dollars, as well as projections for its movements in the months and years ahead, is one of the most fascinating issues in the crypto realm. Schulman, on the other hand, considers this to be immaterial. What matter to him are the virtues of the digital asset market and its potential to favourably impact the financial world:
“I’m quite enthused about what crypto and distributed ledger technology may achieve in the future for the banking system. The initial thoughts that everyone had about crypto, such as buying and selling it, and what the price of bitcoin will be tomorrow, are the parts of digital currencies that I find the least intriguing.”
It’s worth mentioning that his firm, PayPal, the world’s largest payment processor, has already jumped onto the cryptocurrency bandwagon. The business just released a “super wallet” application that integrates digital asset services.
PayPal said earlier this year that it plans to expand its cryptocurrency. A Stablecoin, presumably tethered to the US dollar, will be the asset. According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Crypto and Digital Currencies, the financial product would strive to fulfil all legal requirements:
“We’re looking at a Stablecoin; if and when we decide to move further, we’ll consult with relevant regulators.”
Novogratz Couldn’t Agree More
Mike Novogratz, the CEO of Galaxy Digital, is another important figure who shares Dan Schulman’s position. He predicted last week that blockchain and crypto technologies will “reshape the world in ways we can’t comprehend”.
In addition, Novogratz feels that Joe Biden’s executive order on cryptocurrencies will be a positive step for the industry. He concluded that the directive is a “welcomed involvement from the government” that might pave the way for the United States to become the worldwide leader in the crypto cosmos.
