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PayPal CEO Schulman Says He's Bullish on Bitcoin as a Currency
Schulman spoke about the fall of cash, the rise of bitcoin and the institutional traders taking note of both.
By Danny Nelson
Updated Sep 14, 2021, 10:34 a.m. Published Nov 23, 2020, 1:59 p.m.
PayPal (PYPL) CEO Dan Schulman said bitcoin's usefulness as a currency will ultimately prevail over the buy-and-hold ethos, in an interview with CNBC Squawk Box on Monday.
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- "I think that there'll be more and more use cases for cryptocurrencies," that make bitcoin more widely accepted, more stable and probably "more valuable" over time.
- PayPal will begin allowing users to transact with crypto as a funding instrument across 28 million businesses early next year.
- Schulman said central bank digital currency is a global inevitability. As that happens, "you'll have more and more utility happen with cryptocurrencies," he said.
- "Both may play important roles going forward," he said.
- PayPal's cryptocurrency purchasing services is scooping up an overwhelming number of newly minted bitcoins, according to Pantera.
- Bitcoin was trading hands around $18,480 at the time of his interview.
Read more: PayPal Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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