Bitcoin to Play a Major Role As Future Means of Internet Payments: EBay Chief

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Bitcoin to Play a Major Role As Future Means of Internet Payments: EBay Chief

Chief executive of eBay said he believes bitcoin and other cryptocurrencies will play a critical role in PayPal, an online payment firm owned by the e-commerce giant.

During an interview, John Donahoe said it was necessary that the company integrates virtual money in its wallet.

While the eBay boss didn’t disclose when the integration would take place, he kept mentioning benefits of using bitcoin and why he held some. He said he wasn’t using the virtual currency as an investment but as a way to understand how it works.

“I think there are two sides of it, the investment side and the digital currency side. I’m more interested in the digital currency side about how you and I can exchange value seamlessly using technology,” Donohoe told CNBC on “Squawk Box”.

A long time supporter of bitcoin Marc Andresen, who co-created Andreessen Horowitz, gave further explanations of the two sides of bitcoin. He said his company was in the venture capital business and was still investing in bitcoin. He said that the digital currency wasn’t guaranteed to work but when it did, the results were “important and valuable.”

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Andreessen believes Warren Buffet, who took issue with the digital money, is still not right.

Bitcoin has seen something of a strong comeback of late, going up 80% from lows during the spring, especially buoyed by increased popularity among users, such as the recent proclamation by Dish Network that saw the firm become the largest to accept virtual currency payments.

Co-founder of Coinbase Fred Ehrsam, told CNBC he saw the next three months bringing on board several billion dollar retailers.

According to International Business Times, Donahoe had earlier told eBay investors in a question-answer session that the e-commerce platform was actively considering incorporating bitcoin into PayPal systems.

Donahoe believes more and more merchants are going to support bitcoin transactions.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.