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PayPal made a big splash in the crypto space when it launched its cryptocurrency services for U.S.-based users. Recently, its CEO confirmed being “very bullish” on digital currencies and even predicted that the market will become less volatile in the future as the utility and adoption of cryptos increases.
In the Web Summit event on Wednesday, December 2, PayPal CEO and President Dan Shulman told the event’s attendees that “the time is now for cryptocurrency, Coindesk reported.
PayPal (PYPL) CEO and President Dan Schulman took to the stage on the first day of the major Web Summit event on Wednesday, telling the estimated 100,000 attendees that for cryptocurrency “the time is now.” He also said that digital currencies will soon enter the mainstream and become widely used as payment tools as they were originally designed.
“I think that if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that's good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people,” Schulman told New York Times columnist Andrew Ross-Sorkin during the online tech conference. “So, over the long run, I'm very bullish on digital currencies of all kinds.”
Schulman also noted that the COVID-19 pandemic might have accelerated the adoption and usage of cryptocurrencies and cashless payments. According to the PayPal CEO, the health crisis, which forced countries to implement protocols such as lockdowns and social distancing to slow down its spread, has moved the timeframe for crypto and cashless payments from three to five years, to five to six months.
Previously, the PayPal CEO predicted that price movements that digital currencies are known for will become less volatile as their adoption increases. “When you start to move crypto as a potential funding instrument, I think that bolsters its utility and stabilizes it as well,” Schulman explained during a CNBC on November 23, according to Decrypt. “It becomes less volatile because it can be used every day, in your purchases.”
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