PayPal’s CEO has revealed that the payment processor doesn’t see a lot of retailers accept any of the currently existing cryptocurrencies, including Bitcoin. According to him, they’re not really a currency.
Adoption? Not Really, According to PayPal CEO
The CEO of one of the largest online payment processors PayPal, Dan Schulman, has said that the company doesn’t see a lot of actual retail adoption of cryptocurrencies.
Speaking to CNBC’s “Squawk Box” on January 23rd, he said:
We’re not seeing many retailers at all accept any of the cryptocurrencies.
Additionally, the high-ranked executive also said that he doesn’t think ‘crypto’ is actually a currency, but rather a reward mechanism for implementing blockchain.
Earlier in 2018, the company’s Chief Financial Officer, John Rainey, said that they will support Bitcoin if it becomes a ‘better currency.
Consistent in His Position
Schulman’s latest stance on cryptocurrencies falls in line with his overall views on the matter.
Back in 2018, he outlined that the volatility of cryptocurrencies is what makes them unsuitable for retailers:
I think right now, and we’re seeing this maybe more than ever, the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that retailers can accept.
He also explained that retailers already have narrow margins and Bitcoin’s volatility makes it even more challenging to balance the difference between profits and losses on every single sale.
What are your thoughts on PayPal’s CEO position on cryptocurrencies? Share them in the comments below!