- PayPal CEO Dan Schulman has said that the digital financial revolution has the potential to “redefine the financial world”
- Schulman told CTech that he wasn’t bothered about crypto prices but utility
- The CEO is under pressure to arrest a monumental share price collapse in recent months
PayPal CEO Dan Schulman has said that the digital financial revolution has the potential to “redefine the financial world” ahead of a keynote speech at Axis Tel Aviv. Speaking to CTech in advance of the talk, Schulman said that the price of various cryptocurrencies, including Bitcoin, was of little interest to him and he was more interested in how they were going to revolutionize the way that people handle and interact with money in the future. Schulman is under pressure to revolutionize PayPal itself, or at least do something to arrest the stunning collapse in share price which has seen the value of its shares fall 69% in just seven months.
Schulman “Very Excited” About Promise of Crypto
Schulman told CTech that he is “very excited about what crypto and digital ledger technology can do to the financial system going forward” ahead of his talk at Axis Tel Aviv on March 29. PayPal famously introduced cryptocurrency trading to its platform in November 2020, and Schulman is clearly enamored with their potential in the future, which will probably see an expansion of its cryptocurrency offering in some way.
Schulman added that in his position as CEO of one of the planet’s biggest payment platform he was not interested in price but in what utility the cryptocurrency revolution would inspire:
I think the initial things that everyone thinks about Crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments?
PayPal Share Collapse Sees CEO Under Pressure
Schulman is under pressure from PayPal shareholders following a shock drop in the company’s share price which accelerated during the coronavirus pandemic, double topping between March and August last year at around $310 before falling spectacularly, erasing all the gains it made during that period.
