Topic: PayPal CEO: Demand for PayPal cryptocurrency has exceeded expectations! (Read 201 times)

This is good news and may attract new large investors.

Many people no longer believe in fiat money and the traditional financial system when a pandemic occurs.
Bitcoin and cryptocurrencies are becoming strong trends in the world economy with more adoption from financial institutions, means of payment, and major banks.
The capitalization of the crypto market has already reached $ 2000 billion and it will continue to increase over time.

This article is misleading.
The Bitcoin price didn't increase from 16K to 64K USD only because Paypal decided to adopt Bitcoin.
What about Tesla,Grayscale,Microstrategy,Square and all the other companies,that decided to buy Bitcoins and pump the BTC price?
Anyway,I can't be excited about the upcoming cashless society,because of it's flaws.The people will become even more dependent on technology,which is bad.Technology must serve people,instead of people becoming slaves of the technology.Bitcoin/crypto offers freedom,while the cashless society will be centralized and oppressive.
It seems to me that this article is just a Paypal advertisement.I'm not a big fan of Paypal and I never will be.

HOTEL-CALIFORNIA - You can enter but never leave.

Remember that Paypal is Musk&Thiel two human vampires, Musk went the way of cars  that tell you where you are going to go, and Palantir Thiel took has paypal cash and got in bed with the CIA to plan your future of where the Musk-Mobiles into to take you

Yes, nobody is going to export the 'priv-key', they'll say you ain't smart enough to hold it, your play-pal digital musk bucks will be 'backed' by btc 100:1, just like FIAT, just like GLD ( faux gold ) on paper.

I think that the CEO didn't highly think that cryptocurrency integration in their platform is going to get big and think of it more like a side option for their user base. It is safe to have it stored there compared to other online wallets because PayPal has a more secured platform compared to other.

Not surprising. When paypal released their crypto services for US only, a lot of people were pretty hyped with it, even more so for people from other countries where the service was unavailable. And judging by the fact that Paypal is a well-known service that most people use, it isn't that unrealistic that crypto enthusiasts from other countries would also like for Paypal to actively spread it through the globe. Plus, digital payments have been the rage ever since the pandemic, not surprising that the population, as well as the government finally realized how useful it is.

DaveF : it doesn't matter if it's not a big amount relative to your overall holdings. The problem is that for some people it will be all they have. And if they hold and the price rises even more, suddenly they have the price of a house on a paypal account with very little security !

I have said it before and I'll say it again and I'll keep saying it.
People who want to hold BTC then it matters.
For traders and such, or those who want to buy on the dip and sell on the bounce up then not your keys not your coins does not matter to them.
I own stocks in dozens of companies, I have *zero* stock certificates that I hold. They are all out there "someplace". I can't even get physical certificates without jumping thought hoops and paying fees.

I have my BTC that I want to hold in a setup in very secure hardware wallet. The stuff I am trading is in an account in Gemini with all my other trading stocks.
Does it matter PayPal, Gemini, Coinbase, etc. if all you want to do is hold it for a day or two and then sell it?

-Dave

It is the name of PayPal they trust at, or else who will buy from a company that does not allow you to own your crypto? The people who do not know about it will eventually get the knowledge themselves with time and then, they may buy from exchanges directly instead of paying PayPal the rates it asks.

So many people have a paypal account already linked to a debit/credit card, it's not too surprising that with the bull run, millions took the opportunity to buy some crypto, and bitcoin in particular.

Of course doing it that way you don't own the keys so you don't really own crypto, but people don't even know that.

This is a good news to help raise the price of bitcoin more and more as PayPal won't stop buying it to satisfy the demand, but the problem here is that this large demand is made by noobs and ignorant who don't care about their privacy and to have full control over their money. Personally, i don't want bitcoin and other cryptocurrencies to be just an ecosystem of investment as this technology was made to help us free ourselves from those big whales in the monetary system of the planet. I hoped that PayPal CEO makes an interview about exporting private keys and adding other related tools .

I don't trust  cointelegraph and their news bang. Some of the news is generally and they see it as positive changes in favor of cryptocurrencies.
The banking system will change dramatically over the next 10 years, digital tokens will come, but there may be no future for Bitcoin or cryptocurrencies.
PayPal CEO view development as more investor money that will flow into their portfolios when they accept Bitcoin and block the option to export the private key.

I love it when bullish news like this come up when the market is trending up. It never gets better. Now that PayPal has seen that there's growing interest for cryptocurrencies, I'm sure they'll start integrating it to all their products.
Last the dip we saw in the last few days is just a market correction and nothing more. The overall picture is still bullish especially now that there's even fewer supply on bitcoin on exchanges. Things are about to get very interesting in this space.

PayPal with her large customer base could be the catalyst that will stimulate the growth in adoption and value of Bitcoins. Although, if you're not actively trading, do not store your funds up in such wallets to which you do not own the private key.

I believe you may have meant demand shock; Supply shocks usually result in negative price effects, as the supply increases without a commensurate increase in demand the value of the currency drops. While it is possible for such shocks to be positive, if more coins are pulled out of exchanges and held up in cold storage, reducing the amount in circulation.

People are curious with crypto, so in some way, even those PayPal users alone particularly newbies to crypto (in millions), will show interest on how crypto works to their advantage. However, those that are already crypto users like me, will not deal crypto via PayPal, because we already know better ways on how to handle our crypto. And I am a PayPal user also. But with the interest of these users, they will be directed to a better understanding on how crypto really works outside of this platform. So they will be the means for these users to understand what is really going on with crypto and they can choose the suitable for their needs.

This is bullish, a supply shock is coming & the price will moon. It’s going to take 5-6 months but we are going to $200,000+ this year. There are so many noob/non techie platforms (like Paypal) to buy bitcoin now. There is going to be a wave of new users soon & the price of bitcoin will follow.

The problem right now with Paypal and cryptos is the handle of the coins, because they have the cryptos as an investment tool, this means you can buy cryptos with Paypal (In some countries) and you can sell them when you want, but you don't have access to the coins addresses, in other words, you can't see your private kes, and as people say, not your keys not your coins.

They will have to give us better software to handle our coins if they want to be successful in the cryptos world.

I think all he is saying again is that demand exceeded his expectations, which is positive, of course, and is in line with what we are seeing, despite the recent dip: that there is more and more demand for Bitcoin and less and less supply, therefore, the price can only go up.

Regarding payment with phones, and that it will replace cards, if he means payment with cryptos maybe, but he'd better look at the reviews google pay has had in the last few months.

well here PayPal has started listening to crypto user solutions to provide something lighter. such as slow shipping cost control, hampered by long queues. and this time PayPal knows the weakness of hard wallets when sending to the exchange.
I hope PayPal will provide new opportunities and innovations. like adding more crypto lists.

The CEO of PayPal predicted that in the next five to 10 years, there will be many changes in the financial system, compared to the last two decades.
He also noted that the demand for cryptocurrencies exceeded PayPal's initial expectations after the company began cryptocurrency transactions in late 2020.
Demand for cryptocurrencies has been several times higher than we initially expected," PayPal CEO and CEO Dan Schulman told Time magazine in an interview with Time magazine on Sunday. There is a lot of excitement."
Existing financial infrastructure needs to be modernized, Schulman said. This system is inefficient today due to the high cost and slowness of international transactions. The CEO predicted that the financial system would be ready to see more change in the next five to 10 years than in the past two decades.
"In the next ten years, you will see a dramatic decline in cash use," he said. All payment invoices are included in the mobile phone. Credit cards will disappear as a payment invoice and you will use your mobile phone. Because mobile phones can add a lot more value than just tapping on your credit card. "
As people stop using paper money, central banks need to reconsider their monetary policy, Schulman said. The central bank said digital currencies could benefit from emerging technologies such as distributed head office. "But they are essentially digitizing Fiat currency, like the US dollar," Schulman noted.
PayPal announced its plans to introduce the ability to buy, hold and sell a number of cryptocurrencies, including Bitcoin (BTC) and Atrium (ETH), in October 2020. When the new feature launched in the United States in mid-November 2020, bitcoin was trading at around $ 16,000. After that, the world's largest cryptocurrency faced a massive rally, pushing its price to a new all-time high of more than $ 64,000 in April.
Amid rising prices and demand for cryptocurrencies, PayPal continued to expand its cryptographic services to customers, launching its cryptographic exit services in late March to enable traders to pay. Last week, PayPal introduced the Venmo payment platform for cryptocurrencies for four popular cryptocurrencies, including Bitcoin, Atrium, LightCoin and BitcoinCash.

Source: https://cointelegraph.com/news/demand-for-paypal-s-crypto-offering-exceeded-all-expectations-ceo-says