Bitcoin’s price is reaching brand new all-time highs, and major corporations that already boast existing crypto offerings are starting to make grander plans for the future of their crypto space.
Talking About How Today’s Financial System Needs Updating
Dan Schulman stands as the CEO of PayPal and has recently hinted that PayPal’s crypto offering will see future developments. This was done at Forbes’ online event that occurred on the 13th of April, 2021, dubbed the “2021 Blockchain 50 Symposium: Crypto Goes Corporate”
In this event, Schulman held a fireside chat with the associate editor of Forbes, one Michael Del Castillo. In this chat, Schulman promised that the financial system will see more changes within the next five years than it had seen within the past 30 years, making note that cryptocurrencies like Bitcoin will stand as the trailblazers in this new innovation. Schulman further speculated that credit card and cash transactions will be severely reduced within the next five to ten years, as well.
Crypto Possible Financial Solution For The World
In his statement, he asserted that the era of digital currencies is looming ever closer, hammering home the tremendous potential that these digital currencies hold. He stated that digital currencies will increase the utility of payments, be it cryptocurrency or central bank digital currency (CBDC), reducing the expenses and increasing the inclusion of the world’s financial system.
Schulman is convinced that today’s society’s largest challenges stem from the fact that the financial systems of this day and age exclude millions of people from it across the globe. Schulman stated that this was particularly apparent within the US, as millions of underbanked or even unbanked US citizens need to wait for a long time in order to get the latest round of stimulus checks through the mail. However, the Americans that already boast a bank account had instantly received these deposits.
Promises From PayPal To Improve The System
With this as an example, Schulman hammered home the overall inefficiencies of the financial system of today, noting the amount of time it takes to receive money, in particular. This becomes an even more challenging facet of life when you looking at low-income individuals that need the money as quickly as they can get it.
Schulman explained that the crypto offering of PayPal, which went live in November of 2021, will eventually allow users to do far more than just sell, buy and otherwise hold various cryptocurrencies. This comes in a bid to solve the issues mentioned above, as PayPal revealed back at the end of March that the platform will soon see its merchants accept crypto payments, as well.