PayPal CFO shares Bitcoin payments outlook, stating that he strongly believes that Bitcoin can have a future as a popular option for payments. What else did he say?
21 February, AtoZForex – The Chief financial officer with PayPal, John Rainey, has shared his outlook on Bitcoin future use. Mr. Rainey appears to be having quite an optimistic position in regards to the most popular cryptocurrency.
PayPal CFO shares Bitcoin Payments outlook
The CFO of PayPal has made it clear that he strongly believes that Bitcoin can have a future as a popular option for payments. He has also stated that PayPal was one of the first companies to accept Bitcoin on the Braintree platform. He has added:
“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.”
While talking about the topic of cryptocurrencies being popular as payment methods, Mr. Rainey has stated he sees “a very high likelihood” of that happening. He has explained:
“The technology, 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.”
Earlier last year in December, the co-founder of PayPal, Max Levchin has stated that he believes Blockchain technology is revolutionary. However, he mentioned he has not “figure out” his stance in relation to the future of Bitcoin yet.
Winklevoss Brothers’ Bitcoin price forecast
In the beginning of February, one of the latest Bitcoin price forecasts came from Winklevoss twins, popular Bitcoin billionaires.
According to Cameron Winklevoss, Bitcoin has “potential appreciation” of thirty to forty times its current value. The outlook has covered a time span of 10 to 20 years.
As of now, the market capitalization of Bitcoin stands just below $140 billion, after the figure has dropped to $102 billion due to the huge cryptocurrency market sell-off. This number would place the estimation of Bitcoin market cap from Winklevoss brothers at over $5 trillion.
In addition to that, Winklevoss brothers believe that Bitcoin has the potential to disrupt gold market, which market capitalization as of the moment stands at $7 trillion.
Think we missed something? Let us know in the comments section below.