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Paypal CEO Doubts Cryptocurrency As Form Of Payment

As the cryptocurrency markets have settled after the incredible bull run of 2017, many CEOs and finance executives are no longer intent on bashing or criticizing the industry. Instead, there are more high-profile individuals in the finance world that are actually praising the space, with Adena Friedman, the CEO of Nasdaq, having positive things to say very recently about the sector.

Of course, everyone has different opinions, and Paypal CEO Dan Schulman has chimed in with his own thoughts. He seemed to be skeptical about how quickly mass adoption would happen, although he was not completely negative about cryptocurrency in general.

Comments Made

The comments were made by the current CEO of Paypal, Dan Schulman, who is no stranger to the business world. Specifically, Schulman is associated with tech giants such as Symantec, one of the most well-known cybersecurity companies in the nation, and American Express, one of the most well-known credit card companies in the world.

He pointed out that he did not see cryptocurrency as something that would necessarily disrupt the payments space. He stated, “We’re not seeing many retailers at all accept any of the cryptocurrencies,” and added, “I’ve always thought that crypto was more of a reward mechanism for implementing blockchain, as opposed to really a currency.”

Clear Bias

It’s important to note that there is no real reason why the CEO of Paypal should admit that cryptocurrency could disrupt the payments space, considering that could spell big trouble for Paypal. Paypal is a giant in the payments space, processing over 2.5 billion payments in the third quarter of 2018.

However, Square, a Paypal competitor, has developed a cryptocurrency-friendly payments app called Cash App that has been asserting itself in the space and grabbing market share, at one point passing Paypal as the #1 free finance app in the Google Play Store. Of course, it is easy to see why Paypal, which does not offer any sort of cryptocurrency features, would downplay the space.

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