PayPal’s CEO Says He Only Owns One Cryptocurrency: Bitcoin (BTC)
Bitcoin (BTC) maximalists may just found a new ally.
In a recent interview with Fortune, PayPal (PYPL) CEO Dan Schulman revealed that Bitcoin is the only cryptocurrency he currently holds. The interviewer asked, “Do you personally own any cryptocurrencies?”, to which Schulman responded, “Yes, Bitcoin… only Bitcoin.”
Bitcoin… Only Bitcoin
While the fact Schulman owns Bitcoin has largely stolen the spotlight from the rest of the interview, he also shed a light on why PayPal recently left the Libra Association.
“It wasn’t an acrimonious divorce or anything like that,” said Schulman. “It’s just that they will start going down a road that we’re very interested in looking at and monitoring, and maybe later, there are ways we can work together. I wish them the best of luck on it.”
Based on the turnover in Association members, it seems clear that Facebook (FB) does not have everything figured out behind the scenes at Libra, and if Schulman’s comments are any indication, the social networking giant may have jumped into the crypto space without fully knowing what they were getting into. Instead of following Facebook down the rabbit hole, it looks like PayPal may be taking a different approach to the blockchain and crypto space.
In response to a question about PayPal’s blockchain initiatives, Schulman stated, “We think there’s a lot of promise to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do. Most people think that blockchain is about efficiency, but the system today is pretty efficient. There are middlemen sometimes in between, but the rails of it are pretty efficient. So we think a lot of the neat stuff that can happen on blockchain is around identity, for example.”
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.