Facing a lot of criticism along with ups and downs, here comes a positive statement on Bitcoin after a long time.
PayPal’s chief financial officer (CFO), John Rainey, said something positive during an interview with The Wall Street Journal about the use of BTC as a future payment option that is going to be very popular.
“The technology, there is a 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” John Rainey, CFO PayPal.
He also went further to acknowledge the fact that PayPal was one of the first companies to accept Bitcoin in 2015 on their Braintree platform.
However in a section of the interview entitled, “Тhe crypto factor,” Rainey said that PayPal was one of the first companies to accept Bitcoin on their Braintree platform back in 2015. However, Rainey adds:
“Given the volatility of Bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept Bitcoin, and the very next day Bitcoin drops 15%, you are now underwater on that transaction.”
PayPal co-founder Max Levchin said in December of last year that while he thinks Blockchain technology is revolutionary, he hasn’t “figure[d] out” his views on Bitcoin’s future yet.
Such a statement from a company like PayPal towards Bitcoin only shows how far Bitcoin has come and the bright future cryptocurrencies have. Increasingly, governments and states are taking a softer tone on Bitcoin with some even accepting Bitcoins for tax payments while others declaring they see no need to ban or even regulating Bitcoin for the time being.
This confidence in Bitcoin and cryptocurrencies from corporations and governments has played a major part in the price of cryptocurrencies bouncing back from their lows at the start of the month.