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PayPal to enable cryptocurrency access to more than 28 million merchants

  • Dan Schulman, CEO of PayPal, believes people are shifting towards using digital assets.
  • Bitcoin price is close to its all-time high, partly thanks to the support of PayPal.

One of the main reasons behind the current Bitcoin bull rally is definitely PayPal. Dan Schulman, the CEO, thinks that people are trying to stir away from fiat money, especially after the recent coronavirus pandemic.

Schulman believes that as paper money slowly dissipates and disappears, central banks will have to start supporting digital currencies, whether by creating their own or using existing ones. He also stated that:

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.

The inherent value of Bitcoin

In a recent interview with CNBC Television, Dan Schulman was asked about the inherent value of Bitcoin. He replied by stating that all forms of money are based on trust. The use of cash has significantly declined after the pandemic, which means that a lot of people do not trust fiat money anymore. 

This is also a big reason why Bitcoin and the entire crypto market are so bullish currently. Unfortunately, investors criticize PayPal because it will most likely not allow external deposits or withdrawals of crypto.

However, PayPal will need to hold 1:1 for every coin sold, which means that although the platform might be the one that holds the cryptocurrency, at least it really has to hold the coins.

Despite the criticism, it's clear that PayPal is playing a significant role in the adoption of Bitcoin and cryptocurrencies in general. Bitcoin continues climbing higher and aiming to hit a new all-time high in the short-term. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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