PayPal CEO Dan Schulman revealed that the demand for bitcoin and cryptocurrencies has repeatedly exceeded his expectations.
In an interview with Time Magazine, Schulman talked about PayPal’s record year due to the lockdown, during which up to 1,000 transactions per second were reached during the peak of the Christmas shopping season. In total, the company processed 15.4 billion payments in 2020, with a total value of $ 936 billion.
Schulman argues that within a decade or more there may be a huge decline in the use of money, with all forms of payment essentially concentrated on mobile solutions. Even payment cards can disappear in favor of mobile apps.
In this regard, he added:
“And then, when all of these things start to happen, central banks need to rethink monetary policy as well, because you can’t just issue more paper money into the system because people are not using paper money. And so is the advent of digital currencies ”.
At that point, he started talking about the need to modernize the current payment system, making it more efficient, more useful, more inclusive and less costly.
He mentioned the central bank’s digital currencies, but only as a technological innovation of the fiat currencies themselves, whose financial function will remain unchanged.
Instead, it will be cryptocurrencies that will introduce the biggest changes, not least because he pointed out that the demand for cryptocurrencies on PayPal “has been multiple times higher than we initially expected”, because “there is a lot of excitement”.
He also added that the company has been examining new digital forms of currency based on DLT for about six years, but that they thought it was still too early for the mainstream due to its volatility.
Despite this, in November 2020, they decided to launch the cryptocurrency buying and selling service first and then the cryptocurrency payment service, achieving immediate success far beyond their own expectations.
Dan Schulman and bitcoin
In addition, Schulman, like many CEOs on the west coast of the United States, always wore a kind of uniform, with jeans, a black sweater and cowboy boots. When it came time to change his boots, he said he used one of the company’s new services to make the purchase in bitcoin. With a few clicks, in seconds, he bought the boots and paid with BTC that he had previously purchased on PayPal.
“Boom. It was very cool “.