Paypal CEO Says It's Making It Easier To Bolster The Utility Of Cryptocurrency

Paypal CEO Says It's Making It Easier To Bolster The Utility Of Cryptocurrency

Paypal Holdings PYPL CEO Dan Schulman joined “Squawk Box” host Andrew Sorkin Monday morning to discuss his company’s exposure to Bitcoin.

What To Know: Schulman said all industries are digitizing with an increase during the pandemic. The use of cash has declined during the pandemic with 40% to 70% no longer wanting to handle cash, he said.

Schulman said Paypal is not just making it easy to buy, sell and hold cryptocurrency, but also easy for merchants to accept a new form of payment.

Related Link: Bitcoin To $500,000? Fund Manager Cathie Wood Thinks It Could Happen

What Paypal Is Doing: In early 2021, users will be able to use cryptocurrency to pay for transactions with 18 million Paypal merchants. The transactions will be immediately converted into currency like the U.S. dollar. This means the retailer wouldn’t have to accept cryptocurrency or worry about volatility. Schulman said this would give another funding instrument to Paypal users.

Paypal wants to “bolster the utility of cryptocurrency

Schulman on Bitcoin: When asked about the future price of Bitcoin, Schulman said it's “so hard to project the future.” He called Bitcoin an investment right now.

“Investments go up, investments go down,” Schulman said.

Price Action: Shares of Paypal are up 1% to $194.50 in pre-market trading Monday.

Bitcoin is trading at $18,580.60 at the time of writing.

Posted In: CryptocurrencyNewsMarketsMediaAndrew SorkinBitcoinCNBCDan SchulmanDaniel SchulmannSquawk Box

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