PayPal CEO Dan Schulman said the demand for cryptocurrencies is several times greater than what we expected. The CEO believes the use of cash will be significantly reduced in the future.
Dan Schulman said in an interview with Time magazine that ten years from now, cash usage would see a tremendous decline, Stating that all payment tools such as credit cards will be eliminated.
The CEO thinks that there will be a much decrease in the use of paper money. Central banks will understand that, and they will not issue paper money as digital currencies will replace the current payment system.
Referring to the difference between cryptocurrencies and CBDCs, Dan Schulman thinks that CBDCs are just digitalized versions of fiat currencies such as the US dollar.
PayPal CEO stated that they have been looking at digital money and distributed ledger technology (DLT) for about six years.
At that time, I thought CRYPTOCURRENCIES were an asset rather than a currency. What we wanted to do was make sure CRYPTO became a little more mainstream. So we could work with regulators before we put anything on the market.
PayPal users can buy/sell cryptocurrencies since October 2020.
PayPal also allow its US users to pay with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on millions of businesses connected with Paypal. PayPal users can shop using their cryptocurrency at payment points where PayPal is accepted.