PayPal Says It’s a ‘Little Early’ To Embrace Bitcoin (With Its 125,000% Gains)

PayPal CFO John Rainey says it’s &ldquo early” to the company to invest in Bitcoin – despite the fact.

PayPal: We Love Blockchain

Speaking in a meeting with Yahoo! Finance this week, John Rainey explained that the retailer experience of accepting Bitcoin obligations was suboptimal due to market volatility.

While PayPal would keep on monitoring the landscape, at present, it was “blockchain not Bitcoin,” which excited executives.

“What we saw due to the instability of the currency – the fact that there was so much volatility from one day to the next – if a retailer accepted that, they would quickly convert it into a more stable currency such as the euro or US dollar,” he said.

And so there wasn’t a lot of appetite for this … We have teams working on blockchain and cryptocurrency as well, and we want to share in that in whatever form that takes in the future – I just think it’s a little early on right now.

Shocker: PayPal Not a Fan of Tech That Makes It Irrelevant

The comments, while nothing new from a legacy business operating as a fiat market intermediary is increasingly out of touch.

As Bitcoinist continues to report, Bitcoin price 00 is undergoing a brand new renaissance this year, delighting analysts and investors that have become increasingly certain its lowest happened at just above $3000.

While companies like PayPal continue to drag their feet, Bitcoin is outperforming commodities, stocks, and gold so far. Since 2012, functionality has attained nearly 125,000 percent.

With predictions now calling for a large next year, the concept of it being &lsquo early’ to ingratiate a company with the Bitcoin sector appears to be a misnomer.

On Blockchain, however, PayPal has held an opposing view and remains committed.

Facebook’s Crypto ‘PayPal Mafia’

Nonetheless, even the payment processor faces competition from developments.

This week, Bloomberg reported on how PayPal executives were migrating to Facebook in order to work on the social media giant’s rumored stablecoin, ‘FB Coin,’ and cryptocurrency payments ecosystem.

Likely to be dubbed ‘Libra,’ the project forms a focus for Facebook’s Blockchain branch, with a source telling the publication that 20 percent of employees had originated from PayPal.

The situation echoes that of the early 2000s, when cryptocurrency figures that are now renowned worked at the first incarnation of PayPal when its payments sphere was a novelty in itself.

Those names included Tesla CEO Elon Musk and Peter Thiel, the latter getting an Bitcoin believer.

As Bitcoinist noted, however, PayPal isn’t alone in its hesitation on Bitcoin, with Wall Street giants increasingly at risk of missing out on its crucial growth phase. 

What do you think about PayPal’s perspective on Bitcoin? Let us know in the comments below!

Images via Shutterstock

The post PayPal Says It’s a ‘Little Early’ To Embrace Bitcoin (With Its 125,000% Gains) appeared first on Bitcoinist.com.

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