PayPal CFO John Rainey says it is “too early” for the company to invest in Bitcoin – despite the fact the cryptocurrency has appreciated 125,000 percent in 7 years.
PayPal: We Love Blockchain
Speaking in an interview with Yahoo! Finance this week, John Rainey said that the merchant experience of accepting Bitcoin payments was suboptimal due to market volatility.
While PayPal would continue monitoring the landscape, at present, it was “blockchain not Bitcoin,” which excited executives.
“What we saw because of the instability of the currency – the fact that there was so much volatility from one day to the next – if a merchant accepted that, they would quickly convert it into a more stable currency like the euro or US dollar,” he said.
And so there wasn’t a lot of appetite for that… We have teams working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future – I just think it’s a little early on right now.
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