Bitcoin has not seen widespread acceptance across various financial frameworks of the world as of now. Widely prevalent platforms like PayPal do not endorse cryptocurrencies. But will bitcoin ever get accepted by PayPal moving forward? What is the thing that is holding it back?
It has been just over a decade since bitcoin erupted out on the global scene. There are no concrete laws and regulatory frameworks around this digital asset as the technology is evolving rapidly and changes are being seen at a very fast pace. Capitalizing on this, a lot of negative elements have found their way into the bitcoin world. Scams are prevalent. Many investors have lost a large amount of money to various scams. Besides, the volatility associated with the price also raises questions regarding the credibility of this asset as something that carries value.
In the past, the attitude of PayPal has not been very welcoming. The Ex-Chief Executive Officer of PayPal Bill Harris completely snubbed bitcoin as something of value in an interview not too long ago. Also, in a recent interview, the current CEO of PayPal Dan Schulman also expressed his thoughts regarding the matter. Although he seemed interested in the technology lying underneath bitcoin, blockchain, it didn’t seem to be the case that he was a pro-crypto guy. He implied that were not many retailers accepting cryptocurrencies.
But will we ever see PayPal accepting bitcoin in the future? BlockPublisher got in touch with a very well-renowned name in the blockchain world, Thomas Power, a board member at Blockchain Industry Compliance and Regulation Association (BICRA), as he expressed his opinions regarding this matter. In reply to the question regarding PayPal allowing buying bitcoin and other cryptos directly in the future, he said:
Oh yes for sure. Once SEC approves STOs.
He also suggested what might drive this 180-degree stance shift of PayPal.
Regulation approval, 2020.
The bitcoin world is filled with uncertainty and volatility. Prices spike and plunge at a very rapid pace. The issues associated with bitcoin make it a rather unattractive digital asset and a store of value in the eyes various organizations and the general public. Lack of regulation also allows for illegal activities to prevail in this space. It seems that unless regulatory clarity is achieved regarding bitcoin, we might not see widespread adoption of bitcoin across various financial organizations.