Dan Schulman’s Insight on Cryptocurrency

In a recent chat with Fortune, Dan Schulman, the head honcho at PayPal, spilled some tea about his personal crypto holdings. Spoiler alert: he’s a proud owner of Bitcoin! When asked, he kept it simple: “Yes, Bitcoin. […] Only.” So, if anyone had doubts about whether the CEO was in the game, they can reportedly rest easy.

Why PayPal Stepped Away from Libra

Schulman also opened up about why PayPal decided to roll out of the Libra Association. Apparently, they craved more laser-focused goals for their resources. He pointed out, “We think if we focus on our own roadmap, we’d be able to advance financial inclusion faster.” In other words, they decided it was better to focus on their mega-mission than partaking in a full-on association circus. Can you blame ’em?

The Future of Blockchain at PayPal

PayPal’s CFO, John Rainey, hinted back in May that the company has a secretive team cooking up plans in the blockchain sector. However, Schulman didn’t drop any major hints during his conversation, simply describing their interests as intriguing without spilling the beans on details. The man knows how to keep a poker face!

Volatility of Cryptocurrencies

Schulman was candid about the wild rollercoaster ride that cryptocurrency is on right now, noting that its volatility is a considerable sticking point for merchants, especially those with tiny profit margins. “Until it becomes less volatile, it won’t be a currency that is widely accepted by merchants on the web,” he quipped. If only we could ride this volatility out on a nice, smooth wave!

The Bright Side of Blockchain

Despite the bumps, Schulman sees a glimmer of hope in blockchain technology: “We think there’s a lot of promise to blockchain technology.” He suggested that blockchain needs to prove its worth by accomplishing tasks that current financial systems can’t. Talk about a challenge! It’ll be interesting to see how PayPal tackles this.