Dan Schulman isn’t worried about the future price of Bitcoin (BTC). The ability of the industry to reform the financial sector is the most essential feature to him.
Dan Schulman, PayPal’s Chief Executive Officer, reiterated his support for the cryptocurrency business. The “intersection” of digital assets, CBDCs, stablecoins, and digital wallets, according to him, will “redefine a lot of the financial sector moving ahead.”
Crypto has a lot of Potentials
PayPal’s top executive has long been a supporter of the cryptocurrency business, and he even acknowledged owning bitcoin in 2019.
Schulman reaffirmed his position in a recent address at Axis Tel Aviv, predicting that the combination of digital assets, central bank digital currencies, stable coins, and digital wallets might change the monetary system:
“The convergence of CBDC, stable coins, digital wallets, and increased payment utility via cryptocurrencies is not only exciting, but I believe it will change a lot of the financial world in the future.”
The value of bitcoin in US dollars, as well as projections for its movements in the months and years ahead, is one of the most fascinating issues in the crypto realm. Schulman, on the other hand, considers this to be immaterial. What important to him are the virtues of the digital asset market and its potential to positively impact the financial world:
“I’m quite enthused about what crypto and distributed ledger technology can achieve in the future for the banking system.” The initial thoughts that everyone has about crypto, such as buying and selling it, and what the price of bitcoin will be tomorrow, are the parts of digital currencies that I find them less appealing.”
It’s worth mentioning that his company, PayPal, the world’s largest payment processor, has already jumped on the cryptocurrency bandwagon. The business just released a “super wallet” application that integrates digital asset operations.
PayPal said earlier this year that it plans to expand its cryptocurrency. A stablecoin, presumably tethered to the US dollar, will be the asset. According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Crypto and Digital Currencies, the financial product will strive to meet all regulatory requirements:
“We’re looking at a stablecoin; if and when we decide to move further, we’ll consult with relevant regulators.”
Also Read: PayPal Stablecoin: The Future of Payments or a Failure?
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