According to Dan Schulman, CEO of PayPal, Bitcoin will soon establish itself as a means of payment.
In an interview with CNBC (on November 23, 2020) Schulman also revealed that Bitcoin can not be used directly as a currency at PayPal to buy goods from merchants. However, he sees PayPal Bitcoin more as another "source of funding", which means that PayPal will convert Bitcoins into fiat currencies immediately upon a transaction in order to pay the merchant for the goods purchased. The consumer does not have to worry about the volatility of Bitcoin throughout the transaction as the conversion takes place within a few seconds. The amount to be paid in Bitcoin is displayed just before each transaction.
On the other hand, this also means that users will only pay in crypto currencies, but can not transfer the crypto currency to another PayPal wallet. In this context, Schulman also expressed doubts that Bitcoin can remain "digital gold" in the long term. According to the CEO of PayPal, Bitcoin will tend to remain a means of payment in the future, which could also stabilize the Bitcoin price in the long term.
Nowadays there is hardly a day on which PayPal does not appear in the headlines of the cryptocurrency and is linked to the Bitcoin price increase. The payment company PayPal is currently developing into a major player in the cryptocurrency market and is currently buying 70% of all newly mined BTC for its American customers. If Europe and other countries are added to this payment system next year, PayPal could thus contribute even more to the shortage of the Bitcoin supply and thus to further price increases for Bitcoin.