PayPal ‘thinking about’ accepting bitcoins

Doug Watt
Apr 25, 2013 at 19:42 UTC
Updated Jun 25, 2013 at 14:33 UTC

The president of PayPal says he’s intrigued by bitcoin and is thinking about adding the digital currency as a funding instrument for the popular online payments processor.

“I’ve been spending a lot of time looking at it (bitcoin), and it’s truly fascinating the way the currency has been designed … ,” David Marcus said in an interview with Bloomberg TV. “For us at PayPal, it’s just a question of whether bitcoin will make its way to PayPal’s funding instrument or not … we’re kind of thinking about it.”

Reaction to the announcement within the bitcoin community was generally positive.

“It is certainly not a bad thing,” wrote user zheo on Reddit’s bitcoin page. “We need big companies like this to accept bitcoin.”

Another Reddit user agreed.

“We will look back at these times and feel proud we were onboard right before BTC went seriously mainstream,” wrote user bitcointhousandaire. “Paypal?? If you thought Western Union and Moneygram considering BTC was huge. Paypal’s interest just sealed the deal.”

Bitcoin Magazine also welcomed Marcus’ comments.

“(W)e are prompted to wonder whether such a hunger for leadership and ingenuity will prompt PayPal’s leadership to take the final jump to accept payments in the Bitcoin currency,” wrote Elizabeth Ploshay. “Marcus has cracked open the door to further consideration of the PayPal’s relationship with the Bitcoin currency. Here’s to another step into prominence for the Bitcoin currency.”

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.