Dan Schulman on Cryptocurrencies

The Web Summit is held once every year around November- December time. The one for 2020 was just held and had some of the biggest influential and tech geniuses in the world participate. According to Inc. Magazine “Web Summit is the largest technology conference in the world.” The Guardian calls it “Glastonbury for geeks.”

Dan Schulman on CryptocurrenciesI think that should sum it up. However, this year it was done online due to the current circumstances. PayPal CEO Dan Schulman was present at this event; he is a person recognised to be focusing on transforming financial services and e-commerce to improve the financial health of billions of people around the world. Under his leadership, PayPal was named one of the top companies on Just Capital’s and Forbes’ Just 100 list.

He has been a part of many projects in tackling some of the biggest challenges we face in society today. He has also served for companies such as American Express, Sprint Nextel Corporation, Priceline Group and AT&T under leadership roles.

He said “I do believe that digital currencies are going to come into the mainstream. I do think the entire world is moving toward digital first. I think transactions that used to be all-digital, that were online, are now moving digital offline as well.

So, all in-store transactions are moving toward tapping your phone or a QR code. I think it’s just… The time is now.” He also said, “As we thought about it, digital wallets are a natural complement to digital currencies. We’ve got over 360 million digital wallets and we need to embrace cryptocurrencies.”

The angle he looks at it is that crypto currencies to him will be mainstream in the future due to various reasons as below: Firstly, he bought the fact that the world has started to embrace cashless payments at a very fast pace due to the pandemic where people have avoided using cash as a means of payment.

Dan Schulman on Cryptocurrencies

Secondly, he mentioned, “I think that if you can create a financial system, a new and modern technology that is faster, that is less expensive, more efficient, that’s good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people… So, over the long run, I’m very bullish on digital currencies of all kinds.

” Last but not least PayPal has 28 million merchants and is also used to support many growing e-commerce businesses. So, he also sees this being an opportunity for consumers to use their service to make a payment using their crypto currencies.

Dan Schulman: I believe digital currencies will become mainstream