CFO of PayPal John Reini (John Rainey) stated that using a payment system, the merchants are not interested in cryptocurrencies because of too high volatility.
PayPal was one of the first companies that allowed merchants to accept cryptocurrency support bitcoin was created in 2014. But now, I noticed Raina, fluctuations in the prices of cryptocurrencies threaten the viability of the trading business.
“If you are a merchant and you have, say, 10% margin on the product that you sell, and, for example, you take the bitcoin, and the next day it drops 15%, you went negative on this deal. You can have something that appeals to consumers, but if the sellers don’t accept it, it is of little value. Now we see a big interest from our dealers,” said CFO of PayPal in the transmission of Mad Money on CNBC.
He left a chance for the cryptocurrency, adding that when they stabiliziruemost and will be “better as a currency, we certainly will support them.”
Recall that Raina had previously talked about the volatility of the cryptocurrency as a problem. At the same time, he expressed confidence that the virtual currency will become an ever popular method of payment, because “the technology deserves it”. It is noteworthy that the CEO of PayPal Dan Shulman (Dan Schulman) has called cryptocurrency is a dubious experiment.