The global payment platform Paypal introduced the option to use cryptocurrencies in 2020 and the demand is already above expectation. Speaking to Time magazine, Paypal’s CEO, Dan Schulman, stated that demand ‘multiplied’ as part of the trend towards the digitalisation of payments, which gained a new impetus with the Coronavirus pandemic.
The use of credit cards should fall in the next years while the cryptocurrencies take over a bigger role in the global economy.
Mr Schulman expects a sharp fall in the use of paper money and credit cards over the next ten years. “When all of those things begin to happen, then central banks need to rethink monetary policy as well, because you can’t just issue more paper money into the system if people aren’t using paper money”, he told Time magazine.
"“Paypal’s results and the comments by Dan Schulman point in the direction that is becoming increasingly clear: a broad and faster adoption of cryptocurrencies. This is what we have observed since we created Dynasty in 2016, and everything suggests that the trend towards cryptos’ adoption and their market expansion will only grow”, states Eduardo Carvalho, the co-founder and CEO at Dynasty Global Investments AG."
For Schulman, the financial system will go through more changes over the next five to ten years than it has seen over the past ten to twenty years.