Speaking to CNBC, Schulman argued that the covid-19 pandemic had contributed to the adoption of cryptocurrencies as part of the mainstream financial system.
With PayPal eager to remain at the very front of digital transformation, Schulman argued it was only logical for the company to seek and cash in early on what is an avalanche of digital transformation.
He cited reduced rates of cash transactions, as people started fearing virus infections from physical services.
Casinos in Las Vegas and Atlantic City, for example, have called for cashless solutions, adding weight to the case against physical money.
Worldwide, physical cash transactions declined between 40% and 70%, PayPal's chief executive said in his CNBC interview, and he elaborated on PayPal's latest move into the crypto space. It's not just about storing cryptocurrencies, Schulman explained.
Adopting crypto on PayPal is a way to allow businesses to use these digital assets on a day-to-day basis.
Millions of merchants are now standing to benefit from this new transactional system with truly global implications. What's more, Schulman said, it was now only a matter of time before central banks start launching digital currencies of their own.
PayPal is in a fantastic position to run such an experiment. It has 300 million active users and 26 million merchants. PayPal's adoption of Bitcoin has occasioned a rapid upsurge in the currency's value.
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