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PayPal has big expectations from its crypto business as the adoption of popular digital currencies such as Bitcoin (BTC) and Etherium (ETH) continues to surge. In fact, the company said that the transaction volume of its crypto business could easily reach a couple of hundreds of millions of dollars in just a matter of months.
PayPal CEO Dan Schulman recently participated in Forbes’ online event “2021 Blockchain 50 Symposium: Crypto Goes Corporate” that took place on April 13. With the company’s recent launch of the “Checkout With Crypto” service that allows users to use Bitcoin, Ether, and other cryptos, the CEO said that cryptocurrency transaction volume on the platform could easily reach $200 million within months, according to Forbes.
Schulman also expects rapid changes to the global financial system in the next five years, which is comparable to the progress made in the last three decades. With Bitcoin, Ether, and other cryptos leading the way, the PayPal CEO said that there will be lesser cash and credit card transactions in five to ten years.
“We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies,” the PayPal CEO told Forbes associate editor Michael del Castillo, according to Cointelegraph. “I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.”
Schulman noted that millions of people are still being excluded from the current financial system, especially those from lower-income households. That could change with the increasing adoption of cryptocurrencies.
“PayPal really wants to use cryptocurrency as a funding source for everyday transactions,” the PayPal CEO said. “The endgame, though, is a more noble vision of this inclusive economy, and things will be done much differently than today.”
However, unlike MicroStategy, Tesla, and Square that hold Bitcoin in their treasuries as a reserve asset, PayPal has no plans to add BTC to its balance sheets. “I think the probability of this is low,” Schulman said. “We really need to be sure of what’s on that balance sheet to ensure consistent capital allocation.”
