PayPal CEO Dan Schulman reiterated his positive stance on the cryptocurrency industry. In his opinion, the “intersection” between digital assets, CBDCs, stablecoins and digital wallets “will redefine much of the financial world in the future.”
High Hopes in Crypto
The top PayPal executive has been a proponent of the cryptocurrency industry for a while, even admitting in 2019 that he owned bitcoin.
In his most recent speech at Axis Tel Aviv, Schulman doubled down on his stance, predicting that the combination of digital assets, central bank digital currencies, stablecoins, and digital wallets could reshape the money sector:
“The intersection between CBDC, stablecoins, digital wallets, and the enhanced utility of cryptocurrency payments is not only fascinating, but one I believe will redefine much of the financial world going forward.”
One of the most intriguing topics in the crypto space is the USD value of bitcoin and predictions of its movements in the months and years to come. However, Schulman finds this irrelevant. For him, what matters are the merits of the digital asset industry and its ability to positively affect the financial world:
“I am very excited about what crypto and digital ledger technology can do for the financial system in the future. I think the initial things that everyone thinks about cryptocurrencies, buying and selling them, and what the price of bitcoin will be tomorrow, that’s the least interesting part of digital currencies for me.”
Dan Schulman, Source: Money Inc.
It’s worth noting that his company, payment processor giant PayPal, has already jumped on the cryptocurrency bandwagon. The organization recently introduced an application called “super wallet”, which includes digital asset services.
Earlier this year, PayPal announced that it is looking to develop its cryptocurrency. The asset will be a stablecoin, possibly pegged to the US dollar. José Fernández da Ponte, Senior Vice President of Cryptocurrencies and Digital Currencies at PayPal, revealed that the financial product will aim to meet all necessary regulatory standards:
“We are exploring a stablecoin; If and when we seek to move forward, we will of course work closely with the relevant regulators.”
Novogratz has the same vision
Another notable person who shares Dan Schulman’s point of view is Galaxy Digital CEO Mike Novogratz. Last week, he predicted that crypto and blockchain technology “will reshape the world in ways we cannot imagine.”
Furthermore, Novogratz believes that Joe Biden’s executive order on cryptocurrencies will be a bullish factor for the sector. The directive is a “welcome compromise from the administration,” which could create an opportunity for the US to become the world leader in the crypto universe, he concluded.
Featured image courtesy of FT
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