PayPal’s Chief Financial Officer Sees Positive Future for Crypto – Just Not Right Now
In an interview with the Wall Street Journal, John Rainey, the CFO of PayPal, has said that he can see Bitcoin becoming a much more used method of payment in the future; but not quite yet.
Volatility Is Off-Putting
The “not right now” stipulation certainly echoes concern across global markets that the curernt volatility of Bitcoin makes it a risk. Admittedly, the rollercoaster that has been pricings and market caps in the crypto world for the last few months seems to have slowed down, but the widespread belief is that none of the leading digital currencies have found their stable prices yet. Indeed, predictions for the end of 2018 range from $25,000 per BTC to 0.
However, Rainey believes in the long-term future of Bitcoin itself.
At some point there is very high likelihood. 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.
It is worth noting that PayPal were an early adopter of Bitcoin, so Rainey well be speaking from the point of view of a man who has a vested interest in Bitcoin. He is likely to be aware that such high-profile comments could have a positive impact on the market, and it is not the first time that bullish statements have been made. However, there are two caveats to this. One, he is very drank about the volatility-based risks right now. Secondly, his quote mentions “the technology”. Now, by this, he is referring to blockchain, which has seen huge interest in the business market. Indeed, ICO figures are already up past $2 billion this year, as the world warms to blockchain – but not necessarily Bitcoin.
It could well be that he is right, but is thinking more about blockchain tech than Bitcoin itself.
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What’s your take on John Rainey’s comments? Do you think he’s thinking more about blockchain than Bitcoin? Let us know your thoughts.