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The CEO of PayPal, after the demand for crypto, continues to increase predicted that the financial system will change more in the next five to ten years than in the last two decades.
PayPal’s CEO said that after the crypto transactions started in late 2020, demand for cryptocurrencies exceeded PayPal’s original expectations.
“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement,” said PayPal President and CEO Dan Schulman in an interview with Time Magazine on Sunday.
Schulman said the existing financial infrastructure needs to be modernized because it is “inefficient today” due to expensive and slow international transactions. The CEO predicts that the financial system will change more in the next five to ten years than in the last two decades.
He said, Tenn years from now, you will see a tremendous decline in the use of cash. All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Shulman said if people stop using paper money, the central bank will have to rethink its monetary policy. The executive said that central bank digital currencies can benefit from emerging technologies like distributed ledger technology. Shulman added, “But they are basically digitizing fiat currencies like the US dollar.”
PayPal announced plans to introduce the function of buying, selling, holding and selling multiple cryptocurrencies including Bitcoin (BTC) and Ether (ETH) in October 2020. When the new feature becomes available in the US in mid-November 2020, the transaction price for Bitcoin was around $16,000. As a result, the world’s largest cryptocurrency rebounded sharply, bringing its price to a new historic record of more than $64,000 in April.
Against the background of rising prices and the growing demand for cryptocurrencies, PayPal further expanded its crypto services for customers and launched its crypto checkout service at the end of March to enable crypto payments to merchants. Last week, PayPal payment platform Venmo launched crypto transactions for four major tokens, including BTC, ETH, Litecoin (LTC) and Bitcoin Cash (BCH).