PayPal CFO Rainey: Crypto Mass Acceptance and Widespread Use “Years Down the Road”

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In a recent interview with the Wall Street Journal, PayPal CFO John Rainey was asked about his views on cryptocurrencies like Bitcoin. He said that he doesn’t believe that Bitcoin is currently ready to serve as a reliable payment option, and he cited the digital currency's high rate of volatility as a major reason why:

“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.”

However, Rainey’s assessment of Bitcoin’s current usefulness as a transaction method does not mean that he believes that cryptocurrency will never be a viable payment option. In fact, his remarks suggest that he has confidence that one or more digital currencies will eventually gain that type of mass acceptance and use:

“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.”

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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