PayPal’s Exec On Bitcoin

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John Rainey, PayPal’s chief financial officer, spoke of Bitcoin during an interview with the Wall Street Journal (19th Feb).

When asked if cryptocurrencies will ever be popular as means of payment, Rainey told WSJ that there is “a very high likelihood” of it happening.

“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.”

The issue of volatility

“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.” Rainey said.

Rainey also explained that back in 2015 PayPal was one of the first companies to accept Bitcoin on their Braintree platform.

Do you agree with Rainey? Or do you believe that cryptocurrencies will become a viable payment method sooner than “years down the road”?

Let us know in comments!

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