PayPal (PYPL) CEO Dan Schulman said bitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos, in an interview with CNBC Squawk Box on Monday.
- "I think that there'll be more and more use cases for cryptocurrencies," that make bitcoin more widely accepted, more stable and probably "more valuable" over time.
- PayPal will begin allowing users to transact with crypto as a funding instrument across 28 million businesses early next year.
- Schulman said central bank digital currency is a global inevitability. As that happens, "you'll have more and more utility happen with cryptocurrencies," he said.
- "Both may play important roles going forward," he said.
- PayPal's cryptocurrency purchasing services is scooping up an overwhelming number of newly minted bitcoins, according to Pantera.
- Bitcoin was trading hands around $18,480 at the time of his interview.