PayPal CEO: Using Bitcoin as a payment method will enhance its functionality

PayPal chief Dan Schulman believes that ultimately Bitcoin will be used more for everyday payments than as a store of value. He said this in an interview with CNBC Squawk Box.

«When you start to move crypto as a potential funding instrument I think that bolsters its utility and stabilizes it as well—because it can be used everyday in your purchases,» says @PayPal CEO Dan Schulman on #crypto #btc. pic.twitter.com/Naa5UBhvdS

— Squawk Box (@SquawkCNBC) November 23, 2020

As Schulman says, cash use declined sharply during the coronavirus pandemic. He says as many as 70% of consumers no longer want to deal with it.

Earlier this month PayPal opened access to bitcoin and several altcoins for its American customers and is working on integrating trading platforms, which would allow merchants to accept digital payments.

«Using cryptocurrency as a potential payment instrument for daily purchases will increase its functionality and stabilise it,» said Dan Schulman, noting that ahead of the service launch the company had consulted with global regulators.

According to him, merchants will be able to accept bitcoin as payment next year.

Earlier, Dan Schulman said that in December PayPal will provide access to cryptocurrency services across the United States, and in the first half of 2021 they will become available to users in other countries.

PayPal users are buying up around 70% of all Bitcoins mined, according to Pantera Capital. Together with active purchases through Square’s Cash App, this has a significant impact on Bitcoin’s scarcity and, accordingly, pushes up its price.

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