The Chief Executive Officer of EBay John Donahoe has hinted at plans to integrate bitcoin with PayPal in future.
“We’re going to have to integrate digital currencies in our wallet,” Donahoe said in a CNBC interview.
Though Donahoe refused to give any further information as to when this will happen, he explained all the merits of bitcoin and revealed that he owns some bitcoins. He said that he didn’t buy them as investment but so as to learn how they are used.
“I think there are two sides of it, the investment side and the digital currency side,” added Donahoe in the Thursday interview. “I’m more interested in the digital currency side about how you and I can exchange value seamlessly using technology.”
The value of bitcoin recently surged as news trickled in that major firms are accepting the use of the virtual currency for payments. This includes satellite TV firm Dish Network, which will use payment processor Coinbase to process the bitcoin payments on its behalf. By converting the bitcoins into dollars, Coinbase will help address the issue of price volatility.
Fred Ehrsam, the co-founder of Coinbase, said in the CNBC interview that he expects more billion-dollar retailers to start accepting bitcoins. Besides Dish, other renowned firms that accept bitcoin include Overstock and Lord & Taylor.
Donahoe also said he expects more merchants to start accepting bitcoin payments. He said it will be used in instances such as sending money to other people, cross-border payments and peer-to-peer transactions.
Bitcoin is a virtual currency that isn’t controlled by any government or central bank, and is favored by its users due to minimal to negligible transaction costs. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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