Dan Schulman Says The Demand For Crypto Exceeded His Expectations

Paypal’s CEO Dan Schulman says the demand for crypto services from the company exceeded his expectations and the expectations of the company as well ‘multiple folds so let’s read more in our latest cryptocurrency news today.

Dan Schulman says that the user demand for crypto services on the platform is higher than anticipated and noted that the COVID pandemic even sped up the digitalization of payments across the globe. A few months after the payments giant PayPal launched buying and selling features for crypto, especially for bitcoin, the user demand for digital assets on the platform exceeded the company’s expectations.

Speaking to Time Magazine, Schulman noted that the demand on the crypto side marked an increase multiple-fold to what they expected. He also said that crypto is just a part of the overall trend of digitalization of everyday payments and it was only accelerated by the COVID outbreak. A few years from now, he argued that there will be a huge drop in the use of cash and credit cards but most financial operations will be conducted via smartphones and apps:

“When all of those things start to happen, then central banks need to rethink monetary policy as well because you can’t just issue more paper money into the system because people aren’t using paper money.”

He pointed out that the current financial system is changing and becomes obsolete due to their slow transaction speeds and the high fees. Companies also have to reconsider about modernizing their existing financial infrastructure and do things more efficiently with fewer costs and more utilities into the system:

“In the next 5 to 10 years, you’re going to see more change in the financial system than you have over the past 10 to 20 years.”

He added that the existing financial infrastructure needs more modernization because it is becoming inefficient. According to him, the CBDC can also take advantage of the blockchain technology but they will basically digitize a fiat currency like the US dollar that can still have a use case. The digital dollar as explained could enable the government to open up FED funding to other institutions like banks and this could potentially include companies like PayPal.

This way the government will not have to send stimulus checks by mail but will simply go to a digital wallet of the recipient and send it as crypto with no costs and fiction.
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