PayPal CEO Dan Schulman HODLs Bitcoin (BTC)

PayPal CEO Dan Schulman HODLs Bitcoin (BTC)

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Dan Schulman, CEO of payment giant PayPal, revealed during an interview that he does indeed own Bitcoin.

On November 20 Fortune published an interview with PayPal CEO Dan Schulman, where they discussed a variety of topics. One of the topics was the reason for PayPal’s departure from Facebook’s Libra Foundation and also whether he was the proud owner of cryptocurrency.

PayPal was the first to leave Libra

Schulman, CEO of PayPal, was the first to leave the Libra Foundation because the company has shifted its focus to something else. According to the CEO, it was a matter of what they wanted to focus their attention on and which activities being carried out today have the most impact on their mission. The CEO continues:

You know, we think that if we focus on our own roadmap, that will ultimately bring us more financially than if we put these resources in Libra.

Schulman also indicates that Libra is walking a road that is very interesting for PayPal and that they will also keep a close eye on developments. When Libra touches a little further in time, PayPal will certainly look at where they are at that moment and to what extent PayPal would like to interfere with Libra again.

PayPal was the first to leave Libra

At the same time, PayPal’s CFO, John Rainey, says that the company wants to focus strongly on blockchain and cryptocurrency and that they already have teams working on both. It is not yet clear in what form they want this to come back, but Rainey says that PayPal is on board.

When asked, Schulman acknowledges that they are working on it, but he refrains from spilling any interesting details. He does say that what PayPal is currently pursuing is not, by definition, competitive with what Libra is pursuing.

When asked about the adoption curve of cryptocurrency, Schulman thinks that this will come naturally when the market becomes less volatile. He says retailers work with very small margins and as long as the rate is and remains unstable, this is too great a risk for retailers.

When asked whether he himself also owns any cryptocurrency, Schulman’s answer is short and clear: “Yes, Bitcoin. And only Bitcoin.”

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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