CEO of PayPal Dan Schulman: I am Bitcoin hodler – and only Bitcoin

Dan Schulman, CEO of PayPal cross-border payment and remittance service, revealed that he owns and only hodl Bitcoin.

Dan Schulman, President and CEO of Paypal, talks about his experiences leading the Paypal as it prepares to split from its parent company eBay, in the Paypal Offices in San Jose, California, Monday, June 22, 2015. Thor Swift for the Financial Times

Dan Schulman, CEO of PayPal

On November 20, in a quick interview with Fortune, Schulman shared the reason why PayPal’s withdrawal from the Libra Association and views on cryptocurrencies, especially Bitcoin.

CEO PayPal hodl Bitcoin

Back to May 2019, PayPal CFO, John Rainey said:

“PayPal currently operates many Blockchain and cryptocurrency research teams. We also want to participate in that technology in any form in the future. ”

When asked about Rainey’s above sharing, Schulman revealed:

“I was reluctant to share any significant details as to what exactly PayPal is working on in the sphere. We think there’s a lot of promises to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.”

Finally, on the subject of cryptocurrency, PayPal CEO is not afraid to share that he still pays attention to this market. According to Schulman, cryptocurrencies are still very volatile, and that they do not have much demand for it by merchants because merchants operate on small margins. And that is also the reason why PayPal has not put much interest in cryptocurrencies yet.

He shared:

“Until the cryptocurrency market becomes less volatile, Bitcoin or other cryptocurrencies will be a widely accepted currency on websites. I don’t mean the dark web but real websites. ”

When asked if he is hodling Bitcoin or owning any other cryptocurrency, Schulman’s answer was short and straightforward:

“Yes, I am hodler Bitcoin – and only Bitcoin”.

PayPal was the first to leave Libra

Schulman shared:

“PayPal withdrew from Libra because the company decided to put its attention elsewhere. You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra. The Libra project is oriented quite similar to PayPal’s current interest. And once Libra launches, we will reconsider. ”

On October 4, Paypal was the first company to withdraw from the Libra project. Later, on October 11, Visa, Mastercard, Stripe, Mercado Pago, and eBay also left the game before the first official meeting of the Libra Association on October 14 in Geneva. Even so, PayPal shared that they still support Libra’s vision and will consider re-cooperating in the future.

Stating Libra’s slow-paced progress as a pretext to their decision, Schulman explained:

“As we learned more about [Libra] and saw the amount of things that were still left to do and the amount of things we still had to do on our own roadmap outside of Libra, we said, ‘You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra.’”

PayPal, is an USA company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory.

PayPal was founded by : Max Levchin, Peter Thiel, Luke Nosek, Ken Howery, Yu Pan, Russel Simmons and Elon Musk.

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