Dan Schulman is not worried about the price of bitcoin in the immediate future. He sees the sector’s ability to transform the financial system as extremely important.
PayPal CEO Dan Schulman has confirmed his company’s support for the bitcoin industry. He also believes that the “intersection” of digital assets and digital currencies would “redefine” the financial industry as a result of the “intersection.”
High hopes with crypto
PayPal CEO Peter Thiel has long been a crypto promoter, and in 2019 even admitted to owning a bitcoin wallet.
Axis Tel Aviv hosted Schulman, who reaffirmed his point of view, anticipating that digital assets, central bank digital currencies, stablecoins and digital wallets will have a significant impact on the currency industry.
The combination of CBDC, stablecoins, digital wallets, and better cryptocurrency payment utility is not only fascinating; I think it has the potential to fundamentally revolutionize the financial world.
The value of bitcoin in US dollars, as well as estimates about its future, is one of the most fascinating topics in the cryptocurrency industry. Schulman, on the other hand, dismisses it. For him, it is essential that the digital asset market has a positive influence on the banking industry.
As for the future of cryptocurrency and digital ledger technology, I am very hopeful. What I am least excited about are the first thoughts on cryptocurrency, its buying and selling, as well as predictions about what the price of bitcoin will be tomorrow.”
In particular, his company, PayPal, has already jumped on the blockchain and cryptocurrency bandwagon. The company has recently created a super wallet program that unifies digital asset services on a single platform.
PayPal has stated that it intends to develop its own cryptocurrency. The asset will be a stablecoin, which may or may not be pegged to the dollar. In a statement, José Fernández da Ponte, senior vice president of cryptocurrencies and digital currencies at PayPal, stated that the financial product will do everything possible to comply with all legal requirements:
“We are looking into the possibility of creating a stablecoin, and if we go ahead, we will work closely with the authorities.”
Novogratz believes in the same
Dan Schulman’s views are echoed by Mike Novogratz, CEO of Galaxy Digital. Last week he predicted that cryptocurrency and blockchain “will reshape the world in ways we cannot conceive.”
Furthermore, Novogratz believes that executive action by President Joe Biden on cryptocurrencies would be beneficial for the market. He believes the administration’s “welcome cooperation” will help the United States become a world leader in crypto.
