Several years ago American online payments system PayPal was one of the risk-takers who started accepting BTC. Now, the company’s executive John Rainey says that there is a high probability that in the future the king of all cryptos will become a popular payment option.
PayPal on Bitcoin’s Side?
Answering the question of the Wall Street Journal journalist Kari Paul, PayPal’s chief financial officer, in general, spoke bullishly about the most known cyber coin. In particular, Rainey said that PayPal was among the first companies to accept bitcoin. He added that the acceptance of BTC commenced in 2015 on PayPal’s division Braintree, based in Chicago.
Despite anything, the company is aware of the risks that bitcoin bears. In the Monday interview, the exec also said that currently, BTC is not a reliable currency for carrying out transactions. The reason lies in bitcoin’s volatility.
To explain that, Rainey suggested that if a person is a merchant with a 10% profit margin and starts accepting this crypto-coin, the person will not make money to meet financial obligations when bitcoin’s price declines by 15%.
Believing in BTC Bright Future
When Paul asked Rainey whether he considers that bitcoin will become a popular payment method or not, the last one hinted that there is a “very high” probability.
“The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day,” added PayPal’s Exec.
Connections Between Bitcoin and PayPal
Remarkably, just two months ago the company’s co-founder Max Levchin claimed that even though he believes that the blockchain is a revolutionary tech trend, he had not clarified for himself what his attitude towards bitcoin is.
Another interesting fact is that at the same period cyber money trading venue Coinbase listed former PayPal exec David Marcus to its board of directors.