In an interview with TIME Magazine, PayPal CEO Dan Schulman predicted a sharp decline in the use of cash and mentioned that Bitcoin and other cryptocurrency assets could take advantage of the situation. PayPal allowed crypto payments for US customers last year, and the company has seen a significant surge in crypto-related transactions in the last few months. The CEO said that the demand for cryptocurrency assets has surpassed their expectations. 

“Demand on the crypto side has been multiple-fold to what we initially expected.”

“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement. We’ve been looking at digital forms of currency and DLT for six years or so. But I thought it was early, and I thought the cryptocurrency assets at the time were much more assets than they were currency,” PayPal CEO told TIME Magazine. Earlier this year, PayPal introduced ‘Checkout with Crypto service’ to allow its US-based customers to pay merchants through cryptocurrency assets. The financial services provider is planning to expand its crypto services globally in the coming months.

Crypto adoption has jumped significantly since the start of this year. 

Recently, PayPal’s subsidiary Venmo announced support for several cryptocurrencies, including Bitcoin and Ethereum. Despite the recent surge in volatility across the crypto market, the adoption of digital currencies has jumped significantly since the start of this year. TIME Magazine announced a partnership with Grayscale, the world’s largest cryptocurrency asset manager, earlier this month and mentioned that the company has decided to add Bitcoin to its balance sheet. As reported earlier, WeWork announced the acceptance of Bitcoin, Ethereum, and other cryptocurrencies as a mode of payment. According to the latest weekly digital asset inflow report published by CoinShares, the cryptocurrency market attracted $233 million inflows last week as the total crypto value under its management reached $64 billion for the first time.