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PayPal CEO Dan Schulman asserts crypto will reshape the financial landscape

  • The PayPal executive doesn't care much for the price of Bitcoin but rather its role in the financial system going forward
  • PayPal has been delving deeper into crypto initiatives, recently revealing plans for a stablecoin

Dan Schulman, the Chief Executive Officer of financial services company PayPal, has doubled down on his belief in the role of cryptocurrencies in an evolving financial world.

Schulman spoke of his conviction in crypto as he responded to questions from CTech ahead of his scheduled speech at Axis Tel Aviv, an international investment and innovation conference to be held later this month.

The FinTech CEO explained that he expects that, in addition to the ballooning utility of crypto payments, the convergence of virtual assets, including stablecoins, central bank digital currencies, and digital wallets will be crucial in reshaping the financial landscape into the future.

"The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating, but I think will redefine a lot of the financial world going forward," he noted.

Bitcoin's price doesn't matter, but the coin's role does

While most crypto/ Bitcoin optimists usually tend to tag a predicted price to their bullish projections in specific crypto assets, Schulman doesn't seem to think BTC's market valuation matters any much. The PayPal executive is, instead, more concerned about what role such a digital token could play in changing the financial world.

"I'm very excited about what crypto and digital ledger technology can do to the financial system going forward. I think the initial things that everyone thinks about crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that's the least interesting part about digital currencies to me."

Schulman isn't all about words

Schulman's conviction of digital assets isn't anything new. As far back as 2019, he held Bitcoin, which qualifies his long-term belief in digital assets. At the time, he explained that blockchain tech showed a lot of potential, and seemingly, PayPal is now on the path towards leveraging the said potential.

Last year in May, PayPal launched support for crypto checkouts that would allow users to complete payments using digital coins in a bid to enhance utility for crypto holders.

More recently, the payments service firm has shown an ambition to even delve deeper into crypto offerings after it revealed plans to develop its native stablecoin. The firm's senior vice president of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, told Bloomberg News of the plans in January, clarifying that any work towards achieving the said stablecoin would be subject to regulatory approval.

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