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PayPal CEO Shades Bitcoin: ‘We’re Not Seeing Many Retailers Accept Cryptocurrencies’

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PayPal CEO Dan Schulman participates within the Yahoo Finance All Markets Summit: A World of Change at The TimesCenter on Thursday, Sept. 20, 2018, in New York. (Photo through Evan Agostini/Invision/AP)

By CCN.com: PayPal CEO Dan Schulman expressed skepticism about mass service provider adoption of bitcoin, noting that there are only a few outlets that these days settle for crypto.

Schulman made the remarks Wednesday (Jan. 23) on the 2019 World Economic Forum in Davos, Switzerland.

“We’re not seeing many retailers at all accept any of the cryptocurrencies,” Schulman informed CNBC (video underneath). “But I think the underlying technology is interesting.”

Schulman: Crypto Is Not Really a Currency

Schulman is leery of hopping at the bitcoin bandwagon as a result of he believes crypto’s primary function is to show off blockchain generation.

I’ve at all times idea that crypto used to be extra of a praise mechanism for imposing blockchain, versus in reality a foreign money.

PayPal CEO: Bitcoin Price Volatility Is Deterrent

Basically, Dan Schulman is doubling-down at the crypto FUD he professed remaining yr. At the time, Schulman stated customers shouldn’t be expecting to look a crypto alternate on PayPal’s cellular fee provider, Venmo, anytime quickly.

Schulman cited bitcoin’s wild worth swings as a key reason why for his reluctance to include cryptocurrencies.

“The volatility of [bitcoin] makes it actually unsuitable to be a real currency that retailers can accept,” Schulman informed TheStreet in January 2018.

Retailers have very slender margins. And if you have a bitcoin bouncing up and down through 15% over a pair weeks length, that may be the adaptation between earnings and shedding cash on each and every sale.

Chris Brendler, the director of fairness analysis at Buckingham Research Group, is of the same opinion with Schulman. He says cryptocurrencies aren’t optimum for both traders or customers.

“It’s just not an efficient way to transfer value,” Brendler stated. “It’s not a consumer-friendly process, and it’s not a merchant-friendly process.”

Ex-PayPal CEO Bill Harris Rips the ‘Cult of Bitcoin’

The present PayPal CEO’s anti-crypto stance mirrors that of its former CEO, Bill Harris. In August 2018, Harris trashed bitcoin as nugatory, and mocked its proponents as cult-like zombies.

“The cult of bitcoin make many claims: that it’s instant, free, scalable, efficient, secure, globally accepted and useful,” Harris informed CNBC (video underneath). “It is none of those things.”

Harris additionally predicted that the bitcoin worth will quickly crater to 0.

Meanwhile, PayPal co-founder, billionaire Peter Thiel, is a bitcoin bull.

Thiel — whose internet price tops $2.five billion — has touted bitcoin as “digital gold.” “It’s sort of hedge of sorts against the whole world falling apart,” Thiel declared in March 2018.

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