It is no longer hidden from anyone that PayPal has played the most critical role in the history of cryptocurrencies. Although the cryptocurrency industry was already thriving, PayPal has without a doubt taken cryptocurrencies to the highest levels.
After PayPal’s announcement of integrating cryptocurrencies into their platform, the prices of major cryptocurrencies have become mainly bullish. Most importantly, Bitcoin (BTC) has again gone back to the old price that it showed back in 2017.
Now, the price of Bitcoin (BTC) is constantly rising and currently, it is standing above the mark of $18k, which is the record highest. With PayPal’s adoption of cryptocurrencies, they have surely gained worldwide recognition.
Just recently, it was the chief executive officer of PayPal who shared his opinion around cryptocurrencies. The PayPal CEO ‘Dan Schulman’ stated that cryptocurrencies are almost at the top of their game. He stated that it is just a matter of time before the cryptocurrencies are able to gain mainstream adoption.
He stated that in the past couple of years, there has been a huge number of real-world investors who have to adopt crypto-assets. They are now becoming more used to investing in digital-assets and other forms of digital currencies.
While talking about the mainstream adoption of cryptocurrencies, Schulman also talked about the role COVID-19 played in crypto-adoption. He stated that even though the COVID-19 ran global havoc, yet it played a very integral role in the adoption of cryptocurrencies.
He clarified that the global cryptocurrency adoption accelerated during the COVID-19 pandemic. Due to mass lockdowns, company closures, and an increase in unemployment, more people shifted towards crypto-adoption.
Dan Schulman stated that among all the progress and developments, PayPal does not want to be left behind. It recognized how important it was for PayPal to adopt the crypto-blockchain industry and provide people with crypto-payments solutions.
He backed his statement with the recent data that was revealed by the financial institutes from around the world. As per stats, the use of paper money and fiat money has experienced the worst decline of all time. Due to the on-going Coronavirus Pandemic, the majority of people have started losing their trust in traditional money.
He stated that as per recent figures, the usage of paper/fiat money has declined 40% to 70% in the running year. This is the percentage of people who are no longer interested in handling cash and prefer using digital-assets.
As per Schulman, there are currently a lot of people who are reluctant in investing in cryptocurrencies due to their decentralized and unregulated nature. However, with the recent proceedings made by PayPal in the crypto-industry, more than 300 million PayPal users are ready to set foot into crypto-trading and investments.