PayPal CEO Dan Schulman Shows Skepticism About Mass Retail Adoption Of Crypto

PayPal CEO Dan Schulman seems to be extremely skeptical about mass adoption of cryptocurrencies by retailers since as he pointed out, very few retailers currently accept it. That is why we are going to find out more about his opinions in today’s crypto news.

Schulman spoke at the 2019 World Economic Forum in Davos, Switzerland and noted:

 “We’re not seeing many retailers at all accept any of the cryptocurrencies. But I think the underlying technology is interesting.”

PayPal CEO is not too quick when it comes to jumping on the Bitcoin bandwagon because he thinks that the main role of cryptocurrencies is to showcase how the blockchain technology works. Schulman also pointed out that he made a correct presumption about the crypto FUD last year and he said that consumers should not expect to see a PayPal supported crypto exchange anytime soon.

According to him, it’s the volatility of bitcoin that pushes away retailers to use it as a real currency and for them to accept it. Retailers have narrow margins and once the prices start fluctuating that can mean that the retailers will also be losing a lot of money.

The director of equity research at Buckingham Research Group Chris Brendler agrees with Schulman and says that cryptocurrencies are not optimal for nor merchants or consumers:

 “It’s just not an efficient way to transfer value. It’s not a consumer-friendly process, and it’s not a merchant-friendly process.”

However, the former PayPal CEO Bill Harris trashed bitcoin as being a worthless invention and said that its proponents are cult-like zombies:

 “The cult of bitcoin make many claims: that it’s instant, free, scalable, efficient, secure, globally accepted and useful,” Harris told CNBC (video below). “It is none of those things.”