Paypal Believes Bitcoin will be Successful?

The Chief Financial Officer for Paypal, John Rainey has expressed optimisim about bitcoin.

He stated:

“At some point there is very high likelihood. 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.”

As stated by Rainy in the Wall Street Journal, the volitility is what's making it unreliable.

“Given the volatility of Bitcoin right now, it is not a reliable currency for transactions because if you are a merchant and you have 10% profit margin, and you accept Bitcoin, and the very next day bitcoin drops 15%, you are now underwater on that transaction.”

PayPal CEO, Dan Schulman, also expressed similar optimism by stating Bitcoin is an "interesting experiment" and that "it could change the world."

This would not be the first instance where PayPal has shown support for Bitcoin and cryptocurrencies. In 2014/2015 they were one of the first platforms to allow merchants the option of being paid in Bitcoin.